Allwyn has delivered some seriously impressive first quarter figures that really underscore just how big and energised this newly consolidated operation has become. Net revenue climbed to €1.204 billion, a 21% year-on-year increase, while adjusted EBITDA jumped 24% to €443 million as profit margins expanded to a healthy 37%.

A Transformative Combination Takes Shape

The standout driver of growth? The company’s aggressive North American expansion, full stop. Revenue from the region catapulted to €239 million from just €60 million in the prior year. Almost all of that comes from the consolidation of PrizePicks, the daily fantasy sports platform Allwyn acquired a majority stake in during the quarter. It’s a signal of intent: the group is determined to diversify beyond traditional lottery and iGaming offerings.

Chief Executive Robert Chvátal called the quarter transformative, reflecting on the completion of the Allwyn International and OPAP combination that created the current listed entity. The merger itself wasn’t without friction. Exit rights exercised by opposing shareholders cost the company €456 million, settled in April. Still, management remains bullish on the combined group’s prospects, launching a €150 million share buyback programme and reaffirming annual dividend guidance of at least €1 per share.

Digital Momentum Accelerates Across Segments

Dig into the underlying business performance and you see a portfolio in real flux. Online net gaming revenue surged 68% to €540 million, now representing nearly half of total gaming revenue. iGaming showed muscular growth of 29%, while sports betting expanded 11%. Lottery revenue contracted 5%, attributed to a difficult comparison against jackpot-driven results from the prior year, though traditional VLT and casino operations managed 11% growth.

Geographically, Continental Europe generated €754 million, a 5% increase and the largest regional contributor. The United Kingdom delivered €224 million despite headwinds, with EBITDA declines linked to technology infrastructure investment and softer gaming activity. The company’s Betano platform, though? That proved a bright spot, with net income from the brand rising 43% to €60 million.

UK Lottery Victory Clears Path for Innovation

Beyond the numbers, Allwyn secured a landmark legal victory that consolidates its strategic position in the UK market. The High Court ordered Richard Desmond’s New Lottery Corporation to pay nearly £40 million in costs after its failed challenge to the Gambling Commission’s award of the Fourth National Lottery Licence to Allwyn. It resolves a two year dispute and validates the regulator’s competitive process.

The ruling removes a significant overhang and creates the commercial clarity Allwyn needed for its planned product launches. The company has signalled its intention to introduce updated lottery offerings and bring Powerball to the UK market, unlocking what management considers substantial innovation potential in the sector.

2026 Outlook Remains Confident

Free cash flow of €127 million, down from €258 million last year, reflects heavy investment in the PrizePicks acquisition and ongoing capital discipline. Net debt rose to €5.35 billion, weighted by the North American deal, though management appears comfortable with the leverage profile given the combination’s profitability and cash generation characteristics.

For the full year, Allwyn projects net revenue growth in the mid to high 20% range with adjusted EBITDA margins sustained at 37%. The guidance assumes continued momentum in digital channels, stability in core European markets, and the contribution of its enlarged North American footprint.

What the team thinks

Baz Hartley says:

Philippa’s piece does a solid job laying out Allwyn’s impressive revenue trajectory, but I’d have liked to see more scrutiny on whether this North American push is being matched by equally rigorous player protection standards, particularly around those PrizePicks integrations where daily fantasy sports can blur into territory that catches less experienced punters off guard. The 37% margin is genuinely strong and suggests operational efficiency, but it’s worth asking whether growth at this pace leaves room for the kind of transparent bonus mechanics and reasonable T&Cs that actually benefit players rather than just pad shareholder returns. That said, when a major operator shows these kinds of numbers while maintaining responsible gaming credentials, that’s worth acknowledging, because frankly it proves the two things aren’t mutually exclusive.