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Allwyn has reported its first quarter results for 2026, showing strong growth across its enlarged group following the combination with OPAP S.A.
The company said net revenue rose to €1,204 million, a 21% increase compared with the same period last year. Adjusted EBITDA also climbed 24% to €443 million, with margins improving to 37%.
The quarter was marked by the acquisition of a majority stake in PrizePicks, a US daily fantasy sports operator, which contributed significantly to the numbers. CEO Robert Chvátal described the period as “a transformative quarter” and added, “We have brought together two fantastic businesses to create a scaled global leader in gaming entertainment.”
Strong performance across regions and products
Revenue growth was broad-based, with Continental Europe contributing €754 million, up 5% year-on-year, and the United Kingdom delivering €224 million, a modest 3% increase despite lower gaming activity compared with last year’s jackpot-driven results.
North America saw the sharpest rise, with net revenue jumping to €239 million from €60 million, largely due to the consolidation of PrizePicks.
Across product categories, iGaming grew 29%, sports betting rose 13%, and VLTs and casinos increased 11%. Lottery revenue fell 5% because of the high comparative base, while daily fantasy sports added €178 million for the first time.
Online net gaming revenue surged 68% to €540 million, now making up nearly half of total net gaming revenue.
Adjusted EBITDA hits €443 million
Adjusted EBITDA reached €443 million, up €85 million from last year. Excluding PrizePicks, growth was still strong at 11%. Continental Europe remained the largest contributor, while Betano’s share of net income rose 43% to €60 million.
The UK saw a declne in EBITDA due to lower gaming activity and higher costs linked to technology upgrades.
Net CAPEX fell to €52 million, reflecting the completion of the UK National Lottery technology transformation. Free cash flow stood at €127 million, down from €258 million last year, as the company invested heavily in acquisitions. Net debt rose to €5.35 billion, mainly due to the PrizePicks deal.
The quarter also marked the completion of the combination of Allwyn International AG and OPAP S.A., creating a single listed entity under the name Allwyn AG.
Shareholders who opposed the merger exercised exit rights worth €456 million, which were settled in April. The company has launched a €150 million share buyback programme and reaffirmed its dividend policy of at least €1 per share annually, with an interim payout of €0.20 expected later in the year.
Chvátal said, “We have high conviction in our future growth, cash generation and shareholder value creation, and have today launched a €150m share buyback programme.”
Allwyn record major court victory as it looks towards revenue growth
Allwyn’s reaffirmed guidance for 2026 comes just days after a major legal victory in the UK lottery sector. On 22 May, the High Court ordered Richard Desmond’s New Lottery Corporation to pay close to £40 million in legal costs following its failed challenge against the Gambling Commission and Allwyn UK.
The ruling ended a two‑year dispute and confirmed Allwyn’s position as operator of the Fourth National Lottery Licence.
The Gambling Commission welcomed the judgment, saying it protects funds meant for good causes. An Allwyn spokesperson also noted, “We welcome this clear and comprehensive judgment, which confirms that the Gambling Commission ran a fair and lawful licence competition, properly awarding the Fourth National Lottery Licence to Allwyn.” The company added that the decision clears the way for innovation, pointing to new products such as the updated Lotto and the planned launch of Powerball.
Allwyn also confirmed its outlook for the year, projecting net revenue growth in the mid-to-high 20% range and maintaining an adjusted EBITDA margin of 37%.
