Allwyn reports €1.2 billion Q1 2026 revenue driven by digital growth

Allwyn has announced a strong start to 2026, reporting significant revenue and earnings growth during the first quarter as the company continues to expand its international footprint and strengthen its digital operations.

The lottery and gaming operator recorded preliminary unaudited net revenue of €1.204 billion for the three months ended March 31, 2026, representing a 21 percent increase compared to the same period in 2025. The results were supported by continued growth across digital channels, expansion in several European markets and the first-quarter contribution from fantasy sports operator PrizePicks following its acquisition.

The quarter also marked an important milestone for the company as it reflected the first reporting period following the completion of the merger between Allwyn International AG and OPAP S.A., which together now operate under the Allwyn AG structure.

Revenue growth driven by digital expansion

Allwyn's latest financial results highlight the increasing importance of digital gaming products within its broader portfolio. The company continued to benefit from growing customer engagement across online platforms while maintaining strong positions in traditional lottery and gaming markets.

Adjusted EBITDA reached €443 million during the quarter, increasing by 24 percent year-on-year. The adjusted EBITDA margin improved to 36.8 percent from 36.1 percent in the corresponding period of 2025, reflecting both operational efficiencies and revenue growth.

Operating EBITDA rose 11 percent to €336 million, demonstrating the company's ability to translate revenue expansion into stronger operating performance.

Management indicated that digital growth remained one of the key drivers behind the quarter's results, particularly as more customers continue to engage with online gaming products and services across the company's markets.

Continental Europe remains the largest market

Continental Europe continued to serve as the largest contributor to Allwyn's overall revenue.

Net revenue from the region increased five percent year-on-year to €754 million. The growth was supported by strong customer activity across several gaming verticals as well as continued investment in digital offerings.

The region also delivered adjusted EBITDA of €325 million, representing a three percent increase compared to the previous year.

The performance demonstrates the resilience of Allwyn's European operations, which remain central to the group's long-term strategy. The company has consistently focused on strengthening its presence across regulated markets while investing in technology, content and customer engagement initiatives.

North America delivers substantial gains

One of the most notable developments during the quarter came from North America.

Net revenue in the region increased sharply to €239 million from €60 million in the first quarter of 2025. The substantial rise was largely attributed to the inclusion of PrizePicks, which became part of the Allwyn portfolio following the acquisition.

Adjusted EBITDA in North America also increased significantly, reaching €75 million compared to €12 million during the same period last year.

The addition of PrizePicks provides Allwyn with a stronger presence in the growing North American gaming sector. Industry observers continue to view the region as one of the most attractive long-term growth markets for gaming and entertainment companies due to evolving regulatory frameworks and increasing consumer participation.

UK business records steady performance

In the United Kingdom, Allwyn reported net revenue of €224 million, representing a three percent increase compared to the prior-year quarter.

The growth was achieved despite lower gaming activity revenue during the period. The UK market remains strategically important for the company, particularly following recent technological upgrades and operational improvements.

The completion of the UK technology transformation was highlighted by management as a significant achievement during the quarter. These investments are expected to support operational efficiency, customer experience improvements and future growth opportunities.

iGaming becomes a major growth engine

Among Allwyn's various product categories, iGaming emerged as the strongest-performing segment.

Net revenue from iGaming increased by 29 percent year-on-year to €147 million, making it the fastest-growing business line during the quarter.

Sports betting revenue also delivered solid growth, rising 13 percent to €159 million. Meanwhile, revenue generated from video lottery terminals and casino operations increased 11 percent to €146 million.

Lottery revenue declined by five percent to €487 million. Despite the decrease, lottery products continued to represent the largest individual revenue contributor within the company's portfolio.

The differing performance across product categories reflects broader industry trends, where digital gaming and sports-related products continue to gain market share while traditional lottery products experience more mature growth patterns.

Online gaming revenue approaches half of total activity

A particularly significant milestone for Allwyn was the continued expansion of its online business.

Online net gaming revenue surged 68 percent year-on-year to €540 million. As a result, online channels accounted for 48 percent of total net gaming revenue during the quarter.

This represented a substantial increase from the previous year, highlighting the accelerating shift toward digital gaming experiences.

The growing importance of online operations aligns with Allwyn's long-term strategy of enhancing digital capabilities, improving technology infrastructure and expanding customer access to gaming products through multiple channels.

The company has invested heavily in digital transformation initiatives over recent years and the latest results suggest those investments continue to generate measurable returns.

Betano investment contributes to earnings

In addition to its directly operated businesses, Allwyn also benefited from its investment interests.

Income generated from the company's stake in Betano increased by 43 percent year-on-year to €60 million.

The strong contribution reflects the continued growth of the Betano brand across regulated markets and provided an additional source of earnings diversification for the group.

Such investments allow Allwyn to participate in broader industry growth while complementing its core lottery and gaming operations.

Profitability strengthens despite higher debt levels

Adjusted profit after tax increased 18 percent during the quarter, reaching €213 million.

The improvement reflects the combination of revenue growth, expanding digital activity and stronger contributions from newly acquired operations.

At the same time, Allwyn reported an increase in total consolidated net debt and lease liabilities. The figure rose to €5.35 billion at the end of the first quarter compared to €3.15 billion previously.

The increase was largely associated with strategic transactions and acquisitions completed during the company's recent transformation period. Management has continued to emphasize the importance of maintaining financial discipline while pursuing growth opportunities.

Full-year guidance remains unchanged

Despite ongoing economic uncertainty in various markets, Allwyn reaffirmed its outlook for the full 2026 financial year.

The company continues to expect net revenue growth in the mid-to-high 20 percent range while maintaining an adjusted EBITDA margin of approximately 37 percent.

This guidance reflects management's confidence in the group's operational momentum, digital strategy and integration efforts following the merger and acquisitions completed over the past year.

In addition, Allwyn announced a share buyback programme of up to €150 million. The company also reiterated its minimum dividend commitment of €1 per share, underlining its focus on delivering shareholder returns alongside growth investments.

Leadership highlights transformational quarter

Commenting on the results, Allwyn Chief Executive Officer Robert Chvatal emphasized the significance of the quarter for the company's future development.

“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.”

Conclusion

Allwyn's first-quarter 2026 performance illustrates the company's ongoing transformation into a diversified global gaming and entertainment business. Revenue growth across multiple regions, expanding digital engagement and the successful integration of strategic acquisitions helped deliver strong financial results during a period of significant organizational change.

The merger creating Allwyn AG, the addition of PrizePicks and continued momentum in online gaming have strengthened the company's position in several key markets. While debt levels increased following recent transactions, management remains confident in its growth strategy and has maintained its full-year guidance.

As digital gaming continues to gain importance across the industry, Allwyn appears well positioned to benefit from evolving consumer preferences, technological innovation and expansion opportunities in regulated markets. The company's strong start to 2026 provides a solid foundation for the remainder of the year and supports its ambition to generate long-term value for shareholders while continuing to invest in future growth.

FAQs

What was Allwyn's net revenue in the first quarter of 2026?
Allwyn reported preliminary unaudited net revenue of €1.204 billion during the first quarter of 2026.

How much did Allwyn's revenue grow year-on-year?
The company achieved a 21 percent increase in net revenue compared to the first quarter of 2025.

What contributed to Allwyn's revenue growth?
Growth was driven by digital channels, expansion in continental Europe and the contribution from the acquisition of PrizePicks.

What was Allwyn's adjusted EBITDA for Q1 2026?
Adjusted EBITDA reached €443 million, representing a 24 percent increase year-on-year.

Which product segment recorded the strongest growth?
iGaming delivered the strongest growth, with net revenue increasing 29 percent to €147 million.

How did online gaming perform during the quarter?
Online net gaming revenue increased 68 percent to €540 million and accounted for 48 percent of total net gaming revenue.

How did the North American business perform?
North American net revenue rose to €239 million, largely due to the addition of PrizePicks.

What happened to lottery revenue during the quarter?
Lottery revenue declined by five percent to €487 million compared to the previous year.

Did Allwyn maintain its full-year outlook?
Yes. The company reaffirmed its expectation for net revenue growth in the mid-to-high 20 percent range and an adjusted EBITDA margin of around 37 percent.

Did Allwyn announce any shareholder return initiatives?
Yes. The company announced a share buyback programme of up to €150 million and maintained its minimum dividend commitment of €1 per share.