Allwyn’s Q3 preliminary results have showcased strong fiscal tailwinds, returning top-line growth and consolidated global revenue margins.
For the three months ending 30 September, the Swiss conglomerate saw group revenue climb 4% YoY for a total of €2.2bn (Q3’ 24: €2.1bn), with GGR making up €2.1bn of that. Net revenue was at €1bn, up 5% from the previous year at €971m.
Operating EBITDA amounted to €301m, down 16% YoY (Q3’ 24: €359m), with Adjusted EBITDA coming in at €374m (€406m).
The 8% decrease in Adjusted EBITDA was driven by lower contributions from equity method investees primarily due to customer-friendly sports results affecting the performance of Betano, owned by Kaizen Gaming of which Allwyn is a significant strategic investor.
The re-domiciliation of Allwyn International to Switzerland in October 2024 led to group corporate costs increasing by €14m YoY, resulting in a corporate costs restructuring where Allwyn International now directly bears costs previously incurred by Allwyn AG.
Net Gaming Revenue strong across the board
Total net gaming revenue (NGR) for the quarter came in at €939m, up 6% YoY from the €887mn in the previous corresponding period. Of that, online NGR continued to perform strongly growing 8% YoY to €343m (Q3 2024: €319m), making up 37% of the total NGR.
Product NGR across all segments continued to outperform last year’s results. VLTs and Casinos NGR went up 6% to €139m, sports betting increased by 3% to €129m, iGaming came in at €120m (up 2% YoY), whilst lottery NGR reached €551m – up 7% from the €513m in Q3 2024.
Lottery NGR in particular was positively impacted by Allwyn’s tenure as the National Lottery operator in the UK, with the firm’s investments to revitalise the lottery continuing to return dividends.
The digital proposition within that segment continues to show strong performance, with net revenue from digital channels going up 16% YoY.
These metrics were somewhat backed by the UK Gambling Commission’s (UKGC) April 2024-March 2025 industry statistics, which highlighted that total National Lottery ticket sales are gradually increasing, meanwhile remote sales for that period came in at €3.8bn compared to the €3.6bn for the year prior.
Allwyn set for global success
Management maintains confidence in the group’s continuous growth, backed by a recent agreement to acquire a majority stake in US fantasy sports platform PrizePicks, expected to close in the first quarter of 2026.
PrizePicks generated Adjusted EBITDA of $339m for the year ending June 2025, coupled with a revenue growth of more than 60% YoY. PrizePicks is also planning to further expand into the rapidly growing predictions market space.
Post Q3, Allwyn also announced an all-share merger with Greek betting and lottery giant OPAP to create “the second largest listed gaming entertainment company in the world” and further positioning itself for global growth.
Robert Chvatal, Allwyn CEO, commented: “We achieved good profitability growth across the majority of our businesses in the quarter, benefiting from continued top-line growth and a full quarter’s contribution from Instant Win Gaming, which we acquired last year and continues to perform very well.
“We are also delighted and excited to have announced two landmark transactions that significantly advance our growth strategy and strengthen our position as a global leader in lottery and gaming.
“Our progress so far this year reinforces the strength of our proven strategy and, looking forward, we are well prepared to deliver the next phase of our growth story and further strategic progress.”
Allwyn’s Q3 preliminary results have showcased strong fiscal tailwinds, returning top-line growth and consolidated global revenue margins. For the three months ending 30 September, the Swiss conglomerate saw group revenue climb 4% YoY for a total of €2.2bn (Q3’ 24: €2.1bn), with GGR making up €2.1bn of that. Net revenue was at €1bn, up 5% …