Multinational lottery and gaming giant Allwyn AG has published its consolidated financial earnings report for Q1 2026, documenting exceptional top-line growth across all major global operational divisions. The surge follows the company’s full corporate combination with Greek lottery operator OPAP S.A.
The company reported that group net revenue surged to €1,204 million, a 21% increase compared with the identical opening quarter of the prior year. Group Adjusted EBITDA climbed 24% year-on-year to reach €443 million, while core operational margins stabilized at an efficient 37%.
PrizePicks Consolidation Pushes Online NGR to 48%
The financial reporting period was heavily characterized by Allwyn securing a controlling majority equity stake in prominent United States daily fantasy sports (DFS) operator PrizePicks. The consolidation of the asset added €178 million to the group’s balance sheet for the first time, reshaping the company’s North American revenue curve.
The revenue expansion was broad-based across all regional jurisdictions. The Continental Europe division contributed the largest single block at €754 million, up 5% year-on-year, while the United Kingdom unit delivered €224 million, representing a stable 3% increase despite lower consumer gaming activity compared to last year’s massive, jackpot-driven lottery results. The North American segment posted the sharpest structural increase, with net revenue jumping to €239 million from €60 million on the back of the PrizePicks acquisition.
Across product verticals, digital iGaming expanded 29%, sports betting increased 13%, and VLT (Video Lottery Terminal) and casino divisions grew 11%. Online net gaming revenue (NGR) surged 68% to hit €540 million, now accounting for nearly half of Allwyn’s total group net gaming revenue.
The group’s UK division recorded a temporary compression in localized EBITDA due to lower overall gaming activity and high capital expenditures linked to ongoing technology upgrades. Group net CAPEX decreased to €52 million, reflecting the technical completion of the UK National Lottery’s technology transformation.
Free cash flow landed at €127 million, down from €258 million last year, due to heavy strategic outlays for brand acquisitions, pushing net group debt to €5.35 billion. The quarter also finalized the combination of Allwyn International AG and OPAP S.A. into a single listed entity on the Euronext Athens exchange under the unified name Allwyn AG, with dissenting shareholders who opposed the merger receiving €456 million in cash settlements in April.
To drive shareholder value, management authorized an immediate €150 million share buyback program and reaffirmed its annual dividend policy of at least €1 per share, with an interim payout of €0.20 scheduled for later in the year.
Securing a Comprehensive High Court Victory
The confirmation of Allwyn’s positive 2026 financial guidance arrives just days after the group secured a major legal victory within the UK lottery sector. On May 22, the High Court ordered Richard Desmond’s New Lottery Corporation to pay approximately £40 million in legal costs following its failed challenge against the Gambling Commission and Allwyn UK. The court ruling officially terminated a bitter two-year corporate licensing dispute, validating Allwyn’s position as the legal operator of the Fourth UK National Lottery License.
The Gambling Commission welcomed the comprehensive judgment, noting that the ruling protects public funds intended for social good causes. The legal resolution completely clears the path for Allwyn to deploy extensive lottery software updates, including an overhauled Lotto layout and the highly anticipated upcoming launch of the Powerball format. Moving forward, the group projects full-year net revenue growth in the mid-to-high 20% range while maintaining its adjusted EBITDA margin at 37%.
Transforming the Global Gaming Landscape
Robert Chvátal, Chief Executive Officer of Allwyn AG, stated that the successful integration of OPAP and PrizePicks has created an elite, scaled multinational leader:
“We have brought together two fantastic businesses to create a scaled global leader in gaming entertainment. We have high conviction in our future growth, cash generation and shareholder value creation, and have today launched a €150m share buyback programme.”
