Allwyn gains over €200m in one quarter from US fantasy firm PrizePicks

Allwyn’s product priorities were flipped around during the second quarter of the year; sports and gaming products proved the key growth drivers for the company.

Last year’s acquisition of a majority stake PrizePicks is proving particularly beneficial for Allwyn, adding €231m (£198m) in extra revenue from daily fantasy sports (DFS) operations that wasn’t present in Q2 2025.

Although the takeover did contribute to an increase in gross debt, this was more than offset by revenue growth across lottery, gaming, sports betting and DFS operations and across its continental European, UK and North American markets.

Allwyn’s preliminary results, published this morning, show group-wide revenue growth of an impressive 27% to €1.2bn (Q2 2025: €979m). This was accompanied by a 29% increase in EBITDA to €458m (€355m) and a 35% increase in profits after tax to €239m (€177m).

Robert Chvatal, Allwyn’s Chief Executive Officer, said that the results reflect “the strength of our strategy and our success in executing it”, specifically citing PrizePicks’ contribution and “sustained momentum” in Continental Europe.

Allwyn finds sports betting stride

Continental Europe remains the biggest revenue generating region for Allwyn. This is where the group has its strongest heritage, being domiciled in Switzerland, listed on the Athens Euronexxt, and majority owned by the Czech investment group KKCG.

Revenue from Allwyn’s continental operations came in at €731m, up 4% from €701m the year prior. Adjusted EBITDA from this side of the business was down 3%, however, from €303m to €293m.  

The hit to adjusted EBITDA could be a result of increased investments and taxes, with a new tax regime in Austria specifically cited by Allwyn. On the investment side, Allwyn secured a major contract to operate the Italian lottery as part of a four-business consortium in May last year.

This equates to a 32.5% increase in the LottoItalia consortium. However, the contract also requires payment fees, which Allwyn noted as contributing to gross debt and which could have bitten into EBITDA.

Revenue from the UK rose 2% YoY from €232m to €236m, while EBITDA was up 19% from €6m to €23m. This is a positive sign for Allwyn, with the company under a lot of pressure to deliver a pledged doubling of weekly returns to good causes to £60m by the time it completes its 10-year licence tenure in 2034.

The firm has also found itself mentioned in the political debate around gambling regulation and the industry’s societal impact in the UK, with the background of the interim CEO of its UK operations questioned by two vocal anti-gambling MPs.

Lastly, North American revenue came in at €254m (€54m), with EBITDA also up 95% from €9m to €104m. 

This can be almost entirely attributed to the integration of PrizePicks and the hundreds of millions in revenue this brings, with the firm being one of the two major DFS providers in the US alongside Underdog, while also being a newcomer to the burgeoning prediction market sector.

For group leadership, the most significant development for Allwyn during Q2 was its gains in sports betting and iGaming, however. The firm is still on the hunt for a sportsbook acquisition, having been forced out of buying Greek firm Novibet for regulatory reasons.

It is still a major player in Greek sports betting via its merger with OPAP, a major betting operator and licence holder for the national lottery there, as well as its stake in Kaizen Gaming’s Betano sportsbook – a major international company.

Product-by-product, Allwyn’s €1.1bn in net gaming revenue (NGR), up 29% from €893m the year prior, can be broken down into:

• Lotteries – €498m, down 9% from €507m.
• DFS – €231m, with no prior year comparative.
• iGaming – €147m, up 24% from €119m.
• Sports betting – €145m, up 12% from €130m, although adjusted EBITDA from its stake in Betano were down 3% from €63m to €61m.
• Casinos – €135m, down 2% from €137m.

Not so lucky for lottery?

Group leadership cited sports betting and iGaming and continued expansion of digital channels as key to Allwyn’s Q2 success. Chvatal noted that its sports betting activity was benefited by the 2026 FIFA World Cup, a trend seen across other major gambling PLCs.

“We also made strong progress against our growth strategy, continuing to invest in our products and player experience and delivering major product enhancements across the Group since the end of the first quarter.

“These included new or enhanced draw-based lottery games in Austria, the Czech Republic and the United Kingdom, where we are proud to be the first operator outside the US to offer Powerball, one of the world’s largest jackpot games.”

The main sticking point may be lottery revenue, however. Allwyn has been positioning itself as a lottery-led entertainment business, and lottery revenue being down in Q2 doesn’t paint an entirely positive picture of this model.

However, Chvatal was also able to point to “improved profitability” in the UK following the completion of National Lottery technology upgrades there. The firm is likely banking on the launch of Powerball last month to provide a much needed boost to UK lottery sales.

Allwyn continues to expect to close 2026 with net revenue growth in the mid-to-high 20% region, with an accompanying adjusted EBITDA margin of 37%.

“We remain confident in our ability to deliver sustainable growth, strong cash generation and attractive shareholder returns over the long term,” said Chvatal.