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Allwyn consolidated revenue up 80.1% in Q1

| By Marese O'Hagan
Allwyn has reported consolidated revenue of €1.64bn (£1.44bn/$1.77bn) in its preliminary unaudited results for the first quarter ended 31 March, a rise of 80.1% year-on-year.
Dutch Lottery CEO

Robert Chvatal, CEO of Allwyn, said the quarter had been successful for the incumbent lottery operator.

“I am pleased to report that Allwyn had a strong start to the year, reflecting our ongoing focus on driving organic growth as well as continued progress in our inorganic growth strategy, with the results of the first quarter including the contribution from a total of seven lottery markets,” said Chvatal.

Allwyn was announced as the recipient of the fourth UK National Lottery licence in March 2022, ending Camelot’s 28-year tenure. After this was announced, Camelot launched a High Court challenge against the issue, which was dropped in September 2022.

Allwyn said that the rise in consolidated revenue was driven its recent acquisitions – namely, its acquisitions of Camelot UK Lotteries and Camelot’s US-facing group of companies, Camelot Lottery Solutions.

Camelot Lottery Solutions operates the Illinois Lottery.

“The completion of two landmark acquisitions in the first quarter underscores our continued success in executing our inorganic growth strategy,” continued Chvatal. “The acquisition of Camelot UK, the current operator of the UK National Lottery, supports the successful delivery of the National Lottery through 2023 and over the next decade.

“The acquisition of Camelot LS Group marks our entrance to the US market as well as providing interesting strategic optionality through its in-house ilottery technology.”

The acquisition of Camelot UK Lotteries was agreed in November 2022, during Q4. The deal to acquire Camelot Lottery Solutions was agreed during Q1 2023, in January, and was completed in March.

Allwyn said that excluding these acquisitions, the consolidated total revenue was €1.06bn, which was a rise of 17% yearly.

Preliminary Q1 results

Taking the acquisitions into account, the gross gaming revenue (GGR) totalled at €1.58bn for the year, another significant increase of 81.4%.

Net revenue was €811.2m, a rise of 40%.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was €346.7m, a rise of 28.4% compared to Q1 2022.

In terms of operating location, Allwyn recorded total revenue of €388.4m in Austria. This was up by 19.3% yearly.

Total revenue in the Czech Republic and Greece and Cyprus also rose. For the Czech Republic, total revenue was €125.4m, a rise of 17.2%, while in Greece and Cyprus the total revenue was €552.9m, up by 14.6%.

However, in the UK, Allwyn saw a 1.9% dip in total revenues to €1.01bn. A slight fall in total revenue also took place in Italy, where it declined 0.6% to €584m.

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