Allwyn FY 2025: Key Growth Metrics (€bn)
The lottery operator also posted adjusted EBITDA of €1.58bn, up 4%, while adjusted profit attributable to shareholders rose 13% to €509m. Gross gaming revenue (GGR) also increased 4% to €8.63bn.
Operating EBITDA declined 5% to €1.32bn, reflecting adjustments and changes in profitability mechanisms, including impacts linked to the UK National Lottery contract. Adjusted EBITDA margin stood at 38.5%, broadly stable compared to the prior year.
Capital expenditure for the year totalled €254m, down 1%, while adjusted EBITDA after capital expenditure increased 5% to €1.33bn, indicating improved cash generation despite margin pressure.
Digital performance supports growth
Growth was supported by digital channels, with online net gaming revenue increasing 11%. The operator said this contributed to topline expansion across its portfolio, supported by ongoing product development and customer engagement initiatives across its digital platforms.
Allwyn CEO Robert Chvatal said: “Net Revenue increased 4%, against very strong performance in the prior year.”
He added: “This momentum was driven by continued progress in digital, with online Net Gaming Revenue increasing 11%.”
The operator reported profit growth across most business units, with the exception of the UK National Lottery, where revised incentive and profitability mechanisms affected returns. The company stated that this impact weighed on operating EBITDA performance during the year.
Digital expansion remained a focus across its European markets, with continued integration of online offerings alongside retail lottery operations. The operator said its approach aims to support long-term growth across both channels.
For the fourth quarter, total revenue was €2.34bn, down 1% from €2.36bn in Q4 2024, while net revenue rose 1% to €1.12bn. Adjusted EBITDA increased 14% to €497m.
Adjusted profit attributable to shareholders rose 92% to €234m, reflecting stronger operational performance in the final quarter. Adjusted EBITDA margin in the quarter increased to 44.4%, up from 39.4%.
US expansion through PrizePicks
During the year, Allwyn agreed two transactions aimed at expanding its geographic and product footprint. It completed the acquisition of a majority stake in US-based daily fantasy sports operator PrizePicks in January 2026, following agreement in September 2025.
The acquisition marks Allwyn’s entry into the US online sports entertainment market. PrizePicks has also introduced a prediction markets product within its platform, allowing users to take positions on the outcome of individual matches.
The addition of prediction markets functionality is expected to expand the product offering within the US, with users able to engage with sports events in a different format compared to traditional betting models.
Planned OPAP combination and licences
Allwyn also confirmed its planned combination with OPAP, which is expected to complete in March 2026. The transaction would result in Allwyn becoming a publicly listed entity and expand its operational footprint across Europe and North America.
Chvatal said: “We are looking forward to completing the transaction in the coming weeks.”
The operator stated that the deal would create a larger, diversified business with exposure to multiple regulated markets. It added that the combined entity would maintain operations across lottery and gaming verticals in several jurisdictions.
The company also confirmed that its financial guidance remains in line with previously stated expectations for 2026 adjusted EBITDA, excluding the withdrawn acquisition of Novibet.
Allwyn continues to adjust its operational structure alongside its financial performance. Earlier this week, the operator appointed a new senior executive focused on product development within the UK National Lottery business, signalling ongoing investment in games and digital capabilities.
Allwyn’s planned combination with OPAP is expected to result in it becoming a listed lottery operator
