Allwyn FY25 call: UK strategy, OPAP Integration and PrizePicks predictions

Allwyn CEO Robert Chvátal begins by welcoming attendees from across the globe, walking through what he describes as a ‘pivotal’ year for Allwyn on a global scale.  

Building on the operator’s full year and Q4 2025 financial results – officially released this morning – Allwyn’s senior executive team provides a comprehensive update on continuing operations, reflecting on a memorable 2025 and providing a broad outlook on the year ahead.  

Expansion on the mind: PrizePicks & OPAP 

Naturally, mergers and acquisitions are early on the agenda for Allwyn, specifically relating to PrizePicks and OPAP – moves which have served to expand and strengthen the company’s presence in the US and European markets. 

Following Allwyn’s takeover of a 62.3% stake in PrizePicks last year, Chvátal explains Allwyn’s “excitement” around the daily fantasy sports (DFS) operator’s prediction market launch – as the decision expands both businesses into all US states, further broadening Allwyn’s US footprint. Sticking with prediction markets – Chvátal explains they represent a “potentially significant opportunity” for Allwyn and PrizePicks’ relative perspectives.  

More widely, despite a strong 2024, Chvátal notes that the operator achieved a 4% revenue rise year-on-year over the course of 2025 – reaching just shy of €9bn ($10.4bn), with net revenue reaching €4.1bn. Commenting on Allwyn’s global brand strategy, Chvátal  also cites recently brokered partnerships with Formula 1 itself, along with the McLaren F1 team.  

Moving on to the completion of Allwyn’s majority stake acquisition of Greek lottery, OPAP, Chvátal explains that, structurally, the current Allwyn management team will lead the combined business, with OPAP’s current management team leading operations in Greece and Cyprus. Elsewhere, 50% of OPAP’s board will remain independent through four planned independent non-executive director appointments. The new combined business will ‘re-domicile’ in Switzerland following the recent economic closure of this latest deal.  

Strength on the continent as UK presents challenge 

Chvátal underlines online compound annual growth rate (CAGR) across all of Allwyn’s European markets – with retail CAGR also experiencing widespread growth, apart from in the UK. 

Nevertheless, Chvátal reminds listeners that a vast upgrade was completed on the UK National Lottery – the digital upgrade was completed in January – successfully migrating 18 million players in the UK. The company is now nearing the end of its broad revitalisation plan for the UK Lottery – with costs expected to start to be recovered moving forward.   

Continuing, Chvátal outlines that Allwyn is now focusing on innovating in its UK National Lottery portfolio now that the technological upgrade process starts to draw to a close. He also acknowledges the challenge of extending its lotteries both with regard to price points and the types of products that they want to offer. 

Across the broader European continent, he outlines the successful Slovakian market entry, a region which he explains is, "in many ways complementary to our Czech operations.” The company also successfully renewed its Italian lottery license. 

Elsewhere, commenting on the recent tax rises imposed on gambling in Austria, which were imposed at the midpoint of last year, the Allwyn CEO has stated that the negative impact has already been “partially mitigated”, and that they are looking to exploit the iLottery and iGaming sectors to ensure growth in the market, with encouraging year-on-year growth figures already present in these market segments for the company. 

The financial view: Rises across the board  

CFO Kenneth Morton takes over to cover the more specific details of the company’s financial reporting and recent Q4 and full year 2025 – explaining formerly that 2025 represented “another year of positive financial growth.” Morton also notes that the slight dip in growth visible in recent years across Allwyn’s EBITDA can be explained by the heightened investment made over that time.  

Indeed, Allwyn’s adjusted EBITDA rose by 4% year-on-year to €1.58bn, with operating EBITDA declining 5% to €1.32bn - a drop attributable to M&A-related costs and tax effects across the European market.  

By market, net revenues across continental Europe grew by 4% for Allwyn, by 11% in North America and 6% in the UK. By company segment, lottery revenues also rose by 4%, sports betting by 1%, iGaming by 11% and VLT and casino revenue rose by 5% in comparison to the strong results for 2024. Morton also outlines strong total revenue growth of 6% year-on-year for Betano – which he cites as an “absolutely fantastic business, exposed to some of the world’s most exciting markets.”