Allwyn AG, formed through the combination of Allwyn International AG and OPAP, has announced its preliminary unaudited financial results for Q1 2026. The operator delivered a strong set of results, with net revenue rising 21% year-on-year. Growth was underpinned by robust performance in Continental Europe and sustained momentum across digital operations.
Europe drives a revenue rise
The company achieved net revenue of €1.2bn ($1.4bn), marking a 21% increase compared to the same period the previous year. This growth was primarily driven by strong topline performance in Continental Europe but was partially offset by higher gaming tax rates in Austria and the acquisition of PrizePicks. After adjusting for the increased Austrian gaming tax rates and the acquisition, net revenue still increased 5% year-on-year.
Furthermore, growth was bolstered by robust digital performance, with net gaming revenue from the digital channel rising at a double-digit rate organically.
In Continental Europe, net revenue rose by 5% year-on-year to €754m, or 7% year-on-year when excluding the impact of higher gaming tax rates in Austria. This growth was fueled by strong performance in both Austria and the Czech Republic. In the UK, net revenue grew 3% to €224m despite lower gaming activity revenue. In North America, net revenue increased to €239m from €60m, driven by the inclusion of PrizePicks.
Across product categories, iGaming was the main growth driver, achieving 29% year-on-year growth overall to €147m and a double-digit growth across all regions. Sports betting revenue increased 13% to €159m, while VLTs and casinos grew 11% to €146m. Lottery revenue fell 5% to €487m.
Balancing the books post-acquisition
Adjusted EBITDA increased by 24% year-on-year to €443m. This performance came despite higher gaming taxes in Austria and startup losses in Slovakia.
On an underlying basis, adjusting for these factors, Adjusted EBITDA increased by €37m, or 11% year-on-year, driven mainly by growth in Continental Europe and a stronger contribution from its interest in Betano.
Adjusted EBITDA in Continental Europe increased 3% to €325m. In North America, growth was driven by the post-acquisition contribution from PrizePicks. Excluding this, Adjusted EBITDA was broadly stable year-on-year.
The adjusted profit after tax increased by 18% to €213m, while adjusted profit attributable to shareholders rose by 6% to €169m.
Group reaffirms full-year 2026 outlook
The operator states that since the beginning of the year, the business has continued to perform well and has developed positively, with overall trading in line with expectations. The group’s outlook for 2026 remains unchanged, with expected consolidated met revenue growth of mid-to-high 20%s and an Adjusted EBITDA margin of 37%.
Allwyn Revenue & EBITDA comparison (€m)
CEO highlights “transformative quarter”
Commenting on the results, Group CEO Robert Chvatals stated: “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.
“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.’’
Regarding key strategic developments, Allwyn outlined the January 2026 acquisition of a 62.3% stake in PrizePicks. The business is fully consolidated from the acquisition date of 16 January 2026.
In January 2026, the Group initiated the transition from the Sazka brand in the Czech Republic and the OPAP brand in Cyprus and Greece to a unified Allwyn brand identity across these markets. The product brands will remain unchanged.
The Board has approved a share buyback programme of up to €150m, subject to market conditions and applicable law
