Allwyn International reported net revenue of €4,112 million in FY 2025, up 4% year-on-year, alongside adjusted EBITDA of €1,584 million, also 4% ahead of the prior year. The preliminary unaudited results, published on 19 March 2026, cover the twelve months ended 31 December 2025 and exclude the contribution from Germany casinos, which were sold during the year, to aid comparability.
The year was defined by two major transactions: the acquisition of a majority stake in PrizePicks, the US daily fantasy sports market leader, completed in January 2026, and the planned combination with OPAP, which reached a critical milestone on 16 March 2026 when OPAP completed its cross-border redomiciliation from Greece to Luxembourg. The combined entity is expected to rank as the world’s second-largest listed lottery and gaming operator by EBITDA.
Group Financial Performance
The following table summarises Allwyn’s consolidated financial performance for FY 2025 against FY 2024, excluding Germany casino operations:
| € millions | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Total Revenue | 8,991 | 8,664 | +4% |
| Gross Gaming Revenue (GGR) | 8,632 | 8,301 | +4% |
| Net Revenue | 4,112 | 3,944 | +4% |
| Operating EBITDA | 1,315 | 1,388 | -5% |
| Adjusted EBITDA | 1,584 | 1,527 | +4% |
| Adjusted EBITDA Margin (% of Net Revenue) | 38.5% | 38.7% | -0.2 p.p. |
| CAPEX | 254 | 256 | -1% |
| Adjusted EBITDA – CAPEX | 1,330 | 1,271 | +5% |
| Adjusted profit attributable to shareholders | 509 | 449 | +13% |
Digital was the primary growth engine. Online net gaming revenue grew 11% year-on-year to €1,378 million, representing 37% of total NGR, up from 35% in 2024. Within that, lottery online NGR increased 17% year-on-year. iGaming recorded double-digit growth across all major markets. Sports betting grew modestly, constrained by customer-friendly sports results in September and October 2025 and the absence of the Euro 2024 uplift that boosted the prior year.
In Q4, net revenue reached €1,119 million, up 1% year-on-year on a constant currency basis. iGaming delivered 20% net revenue growth in the quarter. Lottery declined 2% due to less favourable jackpot cycles. Adjusted EBITDA in Q4 rose 14% to €497 million, driven primarily by a significant contribution from Betano, Allwyn’s equity method investee.
Performance by Business Unit
The table below breaks down net revenue and adjusted EBITDA by segment for FY 2025:
| Segment | Net Revenue FY 2025 (€m) | Net Revenue FY 2024 (€m) | Change | Adj. EBITDA FY 2025 (€m) | Adj. EBITDA FY 2024 (€m) | Change |
|---|---|---|---|---|---|---|
| Continental Europe | 2,960 | 2,841 | +4% | 1,315 | 1,287 | +2% |
| North America | 232 | 209 | +11% | 42 | 25 | +68% |
| United Kingdom | 962 | 909 | +6% | 34 | 35 | -3% |
| Betano (equity investee share) | — | — | — | 292 | 187 | +56% |
| Corporate & eliminations | (42) | (15) | n/m | (99) | (7) | n/m |
| Consolidated | 4,112 | 3,944 | +4% | 1,584 | 1,527 | +4% |
Continental Europe: Lottery and iGaming Drive Growth Despite Austrian Tax Headwinds
Continental Europe — comprising Austria, the Czech Republic, Greece and Cyprus, and Italy via LottoItalia — generated net revenue of €2,960 million in FY 2025, up 4% year-on-year. Lottery net revenue grew 3%, with strong jackpot performance in Austria through EuroMillions and Joker, and solid national game performance in the Czech Republic through Sportka. iGaming grew 11% across all major markets.
Growth was partly offset by higher gaming taxes in Austria, which took effect from 1 July 2025 as part of the Austrian government’s fiscal consolidation programme. The changes included an approximately 10% increase in taxes applicable to lottery, iGaming and VLT operations, with the effective tax rate on betting stakes also rising from 2% to 5% from 1 April 2025. Allwyn said it has implemented operational measures to contain the impact to less than 2% of consolidated adjusted EBITDA on an annualised basis.
Adjusted EBITDA for the segment reached €1,315 million, up 2%, with the adjusted EBITDA margin declining 0.9 percentage points to 44.4%. Austria and the Czech Republic grew profitability despite the tax increases. Greece and Cyprus saw more modest EBITDA growth, reflecting higher marketing expenditure and investment to support digital expansion.
A key strategic development during the year was the renewal of the Italian Lotto licence. In July 2025, Italy’s Agenzia delle Dogane e dei Monopoli awarded the nine-year licence to November 2034 to the LottoItalia consortium, in which Allwyn holds a 32.5% interest. The total licence fee is €2,230 million, payable in three instalments: €500 million in July 2025, €300 million in November 2025, and the final €1,430 million due in April 2026.
Allwyn also completed its acquisition of the remaining 15.5% minority interest in Stoiximan, the leading online sports betting and iGaming operator in Greece, in August 2025 for €201 million, bringing its ownership to 100%. OPAP was simultaneously named preferred bidder for the renewal of Greece’s instant and passive lotteries concession, covering a 12-year term from May 2026 at a licence fee of €80 million.
The Allwyn Brand: B2C Rollout Across Europe
One of the more structurally significant developments in 2025 was the launch of Allwyn’s global consumer brand strategy. In October 2025, the Group announced the rebranding of its Czech Republic operations (formerly SAZKA) and its Greece and Cyprus operations (formerly OPAP) under the Allwyn brand. The rollout commenced in 2026, with product brands remaining unchanged across all markets.
The strategy is intended to create a single, recognisable consumer identity across all Allwyn-operated markets. The company aligned this with high-profile sports sponsorships, including partnerships with Formula 1 and the McLaren Formula 1 Team, designed to build international brand recognition ahead of the transition to a listed company. Allwyn CEO Robert Chvatal described the single brand strategy as a key differentiating factor and enabler of long-term success.
In the UK, the National Lottery technology transformation progressed significantly during the year. By year-end, nearly 99% of the retail estate was operating on new terminals. In January 2026, Allwyn completed a major digital platform upgrade, including a refreshed National Lottery website and the successful migration of approximately 18 million player accounts.
United Kingdom: Revenue Recovery, Tight Profitability
The UK business delivered GGR of €4,091 million in FY 2025, up 5% on an adjusted, constant currency basis, or 2% on a reported basis. The digital channel was central to this recovery, with online GGR growing 14% on an adjusted, constant currency basis. Strong event performance and favourable jackpot cycles in EuroMillions supported higher engagement in interactive instant win games, complemented by new product launches and targeted promotional activity.
Net revenue reached €962 million, up 6% year-on-year on a reported basis. Adjusted EBITDA was €34 million, a decrease of €1 million against the prior year, reflecting the transition from the previous licence model which generated higher profitability in the comparable period. CAPEX fell 23% to €140 million as the technology transformation programme approached completion.
The UK remains a low-margin operation at the current stage of the new licence, with an adjusted EBITDA margin of 3.5%. Management has guided for mid-to-high single-digit net revenue growth in 2026 and expects new commercial initiatives to follow the finalisation of the technology upgrade.
North America: IWG Growth, PrizePicks Transition
The North America segment — comprising Allwyn LS Group and IWG — reported net revenue of €232 million in FY 2025, broadly flat year-on-year on a reported basis. IWG, acquired in Q3 2024, delivered 20% net revenue growth in underlying, constant currency terms. Currency headwinds from a US Dollar that weakened 4% year-on-year, combined with lower incentive fees from the Illinois state lottery management agreement, offset these gains at the reported level.
Adjusted EBITDA was €42 million on a 100% basis, down €3 million year-on-year. IWG achieved strong underlying profitability growth, partially offset by the Illinois income reduction.
From 2026, the North America segment will primarily comprise PrizePicks, following Allwyn’s completion of a 62.3% acquisition of SidePrize LLC in January 2026 for a closing consideration of USD 1,504 million. PrizePicks generated net revenue of €868 million in 2025, up 34% on a reported basis, and adjusted EBITDA of €321 million, up 57%. The 2026 North America net revenue guidance is €1,100–1,250 million, with organic growth of approximately 20%.
PrizePicks also launched a prediction markets offering in the United States in November 2025, the first sports entertainment platform to achieve registration with the National Futures Association. The product includes “Team Picks” for match outcome prediction and “Culture Picks” for political events and popular culture. The platform’s scale in daily fantasy sports — it is the US market leader by cumulative app downloads — positions it to compete directly with Kalshi and DraftKings in the rapidly expanding regulated prediction markets space.
Betano: Strong Growth, Favourable Tax Items Boost Q4
Betano, the international sports betting and iGaming brand operated by Kaizen Gaming, is accounted for as an equity method investee. Its total revenue reached €2,808 million in FY 2025, up 20% year-on-year on a constant currency basis.
Allwyn’s share of net income was €292 million, up 56% year-on-year. A significant portion of this gain reflected non-recurring favourable tax items recognised in Q4 2025, totalling €268 million. Excluding these, the share of net income was €194 million, up 3% year-on-year despite the introduction of a tax framework for online sports betting and iGaming in Brazil at the start of 2025. Betano’s share of dividends received by Allwyn increased 98% year-on-year to €184 million.
The strength of Betano’s cash generation continues to be a material contributor to the Allwyn group’s EBITDA trajectory and an important counterbalance to the ongoing investment cycle in the UK.
Product Mix and Revenue by Category
| Product | Net Revenue FY 2025 (€m) | Net Revenue FY 2024 (€m) | Change |
|---|---|---|---|
| Lottery | 2,129 | 2,042 | +4% |
| Sports Betting | 562 | 556 | +1% |
| iGaming | 496 | 445 | +11% |
| VLTs and Casinos | 566 | 538 | +5% |
| Net Gaming Revenue (NGR) | 3,753 | 3,581 | +5% |
| Non-gaming activities | 359 | 363 | -1% |
| Consolidated Net Revenue | 4,112 | 3,944 | +4% |
Lottery remains the largest product vertical at €2,129 million net revenue, sustained by strong jackpot cycles in several Continental European markets. The highest ever jackpot in Tzoker, the Greek national jackpot game, was recorded in August 2025. iGaming at €496 million is the fastest-growing vertical by percentage, with double-digit growth delivered across all major markets. Total online NGR reached €1,378 million, representing 37% of total NGR compared with 35% in 2024.
OPAP Combination and Path to Listing
The planned combination of Allwyn and OPAP cleared its final regulatory and closing conditions in early 2026. On 16 March 2026, OPAP completed its cross-border conversion from Greece to Luxembourg, was renamed Allwyn AG, and Allwyn expects to contribute its assets and liabilities before the end of March in exchange for 445,684,184 new shares.
The combined company will have 770,799,070 shares outstanding (excluding treasury shares), of which 78.4% will be held indirectly by KKCG Group and 21.6% will constitute the free float. Shareholders who exercised exit rights received €19.04 per share in cash compensation; 6.7% of OPAP shares outstanding were subject to exit right exercise, at a total cash cost of €456 million. A first dividend of €0.80 per share is expected to be distributed in April.
In a separate post-period development, Allwyn and Logflex MT Holding, the owner of Novibet, jointly withdrew their previously announced acquisition from review by the Hellenic Competition Commission in March 2026, following feedback from that regulator. The transaction will not proceed. Allwyn’s 2026 adjusted EBITDA guidance remains in line with its October 2025 guidance, excluding the Novibet impact.
Outlook and 2026 Guidance
The Group’s consolidated net revenue guidance for 2026 targets growth in the mid-to-high 20% range before one-off impacts, driven primarily by the first full-year consolidation of PrizePicks. North America net revenue is guided at €1,100–1,250 million. Continental Europe net revenue is expected at mid-single-digit growth before one-off impacts of approximately -2%, which include the annualised effect of higher Austrian gaming taxes and costs related to the Hellenic Lotteries licence renewal.
The consolidated adjusted EBITDA margin guidance for 2026 is 37%, including the share of net income from Betano and Italy. Medium-term margin guidance is for the high 30% range. Capital expenditure is guided at approximately €240 million for 2026, declining towards 2.5–3% of net revenue over the medium term as UK technology investment normalises.
“2025 was a pivotal year for Allwyn. We continued to deliver on all dimensions of our strategy, driving good financial performance across our business, and agreed two transformative transactions — strengthening our positioning for sustainable long-term growth and an exciting future as a listed company.”
— Robert Chvatal, CEO, Allwyn International
The company’s full-year annual report is scheduled for publication on 9 April 2026. Net debt including leases stood at €4,330 million as of 31 December 2025, with a net debt to adjusted EBITDA ratio of 2.7x. Total undrawn committed facilities at year-end were €1,338 million.
For the broader European context, Europe’s GGR reached €123.4bn in 2024, a market in which Allwyn’s Continental Europe business holds dominant lottery positions in Austria, the Czech Republic, Greece and Cyprus.
Source: Allwyn International
