UK Lottery operator Allwyn has reported preliminary unaudited net revenue of €1.204 billion (£1.03bn) for the first quarter of 2026, an increase of 21 percent year-on-year, supported by growth across its digital channels, continued expansion in continental Europe and the first-time contribution from its acquisition of PrizePicks.
Adjusted EBITDA rose 24 percent to €443 million (£382.93m), while the adjusted EBITDA margin increased to 36.8 percent from 36.1 percent a year earlier. Operating EBITDA grew 11 percent to €336 million (£290.43m).
The results cover the first quarter following the completion of the merger between Allwyn International AG and OPAP S.A., forming Allwyn AG.
Allwyn’s net revenue in continental Europe increased five percent, year-on-year, to €754 million (£651.74m). North American net revenue rose to €239 million from €60 million (£206.58 from £51.86m), thanks to the addition of PrizePicks, while UK net revenue increased three percent to €224 million (£193.61m), despite lower gaming activity revenue.
Strong iGaming Growth
By product segment, iGaming delivered the strongest growth, with net revenue increasing 29 percent, y-o-y, to €147 million (£127.06m). Sports betting revenue rose 13 percent to €159 million (£137.44m), while VLTs and casinos increased 11 percent to €146 million (£126.2m). Lottery revenue, meantime, declined five percent to €487 million (£420.96m).
Online net gaming revenue increased 68 percent to €540 million (£466.78m) and represented 48 percent of total net gaming revenue, 12 percent more than the same period of 2025.
Adjusted EBITDA in continental Europe rose three percent to €325 million (£280.95m). North American adjusted EBITDA increased to €75 million from €12 million (£64.83m from £10.37m), driven by the contribution from PrizePicks. Income from Allwyn’s stake in Betano increased 43 percent, year-on-year, to €60 million (£51.86m).
Adjusted profit after tax rose 18 percent to €213 million (£184.13m).
FY26 Outlook Affirmed
The company’s total consolidated net debt and lease liabilities during Q1 increased to €5.35 billion (£4.62bn) from €3.15 billion (£2.72bn).
Allwyn reaffirmed its Full-Year 2026 outlook, forecasting net revenue growth in the mid-to-high 20 percent range and an adjusted EBITDA margin of 37 percent.
The company also announced a share buyback programme of up to €150 million (£129.68m) in addition to its minimum dividend commitment of €1 per share.
Commented Allwyn CEO Robert Chvatal: “I’m immensely proud of this transformative quarter, during which we have brought together two fantastic businesses to create a scaled global leader in gaming entertainment, with an enhanced ability to shape the industry, a wider range of growth opportunities and a highly differentiated platform to support long-term value creation and shareholder returns.
“Meanwhile, we have remained firmly focused on execution.
“The progress of our enlarged group this quarter demonstrates the breadth and strength of the Allwyn platform, with strong momentum in profitability and growth in continental Europe, the addition of PrizePicks in North America, the completion of the UK technology transformation, a strong contribution from Betano, and continued development of our digital and content capabilities.”
