Allwyn posted net revenue of €1,204 million in the first quarter of 2026, a 21 per cent year-on-year increase, as the lottery and gaming group benefited from its $1.504 billion acquisition of daily fantasy sports operator PrizePicks and a surge in online play that pushed the digital share of net gaming revenue to 48 per cent.
Key financial metrics
According to its financial report, in Q1 2026, Allwyn recorded net revenue of €1,204 million, which was up 21 per cent year-on-year. Adjusted EBITDA increased by 24 per cent to €443 million, giving a margin of 36.8 per cent. Operating EBITDA increased by 11 per cent to €336 million, while capital expenditure decreased by 10 per cent to €52 million. Meanwhile, the online segment’s share of net gaming revenue (NGR) increased to 48 per cent, up from 36 per cent a year earlier.
| Metric | Q1 2026 | Q1 2025 | Change |
| Net revenue (€m) | 1,204 | 991 | +21% |
| Adjusted EBITDA (€m) | 443 | 358 | +24% |
| Adjusted EBITDA margin | 36.8% | 36.1% | +0.7 pp |
| Operating EBITDA (€m) | 336 | 303 | +11% |
| Capex (€m) | 52 | 58 | –10% |
| Adjusted EBITDA minus Capex (€m) | 391 | 300 | +30% |
Source: SiGMA News.
Revenue by geography
| Segment | Q1 2026 (€m) | Q1 2025 (€m) | Change |
| Continental Europe | 754 | 719 | +5% |
| North America | 239 | 60 | n/a* |
| United Kingdom | 224 | 218 | +3% |
| Corporate & eliminations | –13 | –6 | — |
| Total | 1,204 | 991 | +21% |
Source: SiGMA News.
*Not applicable: PrizePicks was not part of the consolidated group in the prior-year period.
Revenue by product category
The table below presents NGR (net gaming revenue after deducting player payouts and gaming taxes) alongside non-gaming revenue.
| Product | Q1 2026 (€m) | Q1 2025 (€m) | Change |
| Lotteries | 487 | 513 | –5% |
| Sports betting | 159 | 141 | +13% |
| iGaming (online casino) | 147 | 114 | +29% |
| Daily fantasy sports | 178 | — | n/a |
| VLTs & land-based casino | 146 | 132 | +11% |
| Net gaming revenue | 1,117 | 900 | +24% |
| Non-gaming revenue | 87 | 91 | –4% |
| Net revenue | 1,204 | 991 | +21% |
Source: SiGMA News.
Regional performance
Continental Europe: European NGR grew 5 per cent and adjusted EBITDA rose 3 per cent to €325 million, despite higher gaming tax rates in Austria. The primary growth drivers were iGaming, up 29 per cent, and sports betting, up 13 per cent. The lottery segment declined 11 per cent, reflecting the comparative effect of record EuroMillions and Tzoker jackpots in Q1 2025.
United Kingdom: Net revenue rose 3 per cent to €224 million despite a decline in gross gaming revenue. Allwyn completed a major technology transformation of the National Lottery platform, reducing capital expenditure by 44 per cent and marking the start of the investment return phase. In April 2026, the company announced the launch of an updated Lotto format and the introduction of the US lottery Powerball to the UK market.
North America: The defining event for the segment was the completion of Allwyn’s acquisition of PrizePicks, the leading daily fantasy sports operator in the United States. The transaction closed on 16 January 2026 for $1.504 billion, and the segment reported net revenue of €239 million, including the contribution from PrizePicks. During the quarter, PrizePicks re-entered the New York market and signed a multi-year partnership with the National Basketball Association.
Latin America: Betano, the leading online betting platform in Latin America in which Allwyn holds a stake, delivered strong results with total revenue up 27 per cent. Allwyn’s share of net profit reached €60 million, up 43 per cent year-on-year. The company received €74 million in dividends from Betano during the first quarter.
Strategic developments
In March 2026, Allwyn International AG completed its merger with OPAP S.A., forming a unified entity, Allwyn AG, whose shares trade on Euronext Athens. Shareholders who voted against the transaction exercised appraisal rights, with holders of 6.7 per cent of shares opting for a cash buyout that required a payment of €456 million in April.
In January, Allwyn closed the acquisition of a 62.3 per cent stake in PrizePicks. The agreement includes contingent consideration of up to $1 billion, subject to adjusted EBITDA targets being met over the 2026-2028 period.
The board of directors has approved a programme to buy back shares worth up to €150 million. The decision reflects management’s confidence in the company’s growth prospects and cash-flow generation, as well as lower-than-expected M&A expenditure following its decision not to proceed with the acquisition of Novibet.
Allwyn confirmed its full-year 2026 guidance of 20 to 30 per cent net revenue growth and an adjusted EBITDA margin of approximately 37 per cent. The dividend policy provides for a minimum of €1.00 per share per annum; an interim dividend of €0.20 per share is expected in the second half of 2026.
Financial position
As at 31 March 2026:
| Metric | Value |
| Net debt (including leases) | €5,354m |
| Net debt / LTM* adjusted EBITDA | 2.8x |
| Undrawn credit facilities | €1,375m |
| Cash and cash equivalents | €2,435m |
*LTM: Last Twelve Months, used for leverage ratio calculation on a comparable basis.
Management commentary and outlook
Chief Executive Officer Robert Chvátal (pictured) described the quarter as ‘transformational’, citing the merger of two outstanding businesses to create a global leader in gaming entertainment. He highlighted the sustained growth in profitability in Continental Europe, the successful integration of PrizePicks in North America and the completion of the technological transformation in the United Kingdom. He expressed confidence in the company’s ability to seize the opportunities ahead.
Allwyn reported no material adverse impact from geopolitical developments or macroeconomic uncertainty on consumer demand. Management attributed the resilience of the business model to the low average price point of its products, broad geographic diversification, and a large base of regular players.
Be more than an observer. Take the stage, speak at SiGMA, share your vision and build meaningful connections that move the future of iGaming forward.
