Allwyn Q3 revenue shines, but 1% down excluding Camelot performance
Total revenue and GGR were both up 98% from this time last year, due to Camelot UK acquisitions.
Allwyn International has released its Q3 and year-to-date results, with total revenue and gross gaming revenue (GGR) both up 98% for Q3.
These results have been influenced by the acquisition of Camelot UK earlier this year, with Q3 results excluding Camelot UK showing a total revenue decrease of 1% and no change in GGR.
Total revenue for Q3 was €2.01bn ($2.18bn) while net revenue was €883.3m, with Q3 adjusted EBITDA at €368.4m.
Including Camelot UK, net revenue was up 38% and adjusted EBITDA was up 16%. This growth, similarly, was impacted by the Camelot acquisitions, as excluding Camelot acquisitions net revenue was down 1% and adjusted EBITDA up only 1%.
Camelot has been the operator of the UK National Lottery since 1994 and only changed hands to Allwyn after the company attained the Fourth National Lottery Licence. Later in March, Allwyn went on to acquire Camelot and its group, which has significantly impacted financial growth both this quarter and across the year.
“I am pleased to report that Allwyn delivered another quarter of solid financial performance and strategic progress,” said CEO Robert Chvatal. “Total revenue increased by 98% year-on-year in Q3 2023, reflecting a steady performance in our existing geographies in addition to the significant contribution from the Camelot Acquisitions that we completed in the first quarter.”
Over the last nine months, total revenue has clocked in at €5.7bn while net revenue was reported at €2.6bn, up 98% and 43% respectively from this same period last year. Excluding Camelot, total revenue for the past nine months was up 7% while net revenue was up 8%.
Chvatal concluded that “despite the sector headwinds in the quarter, I am very pleased with Allwyn’s continued progress and believe we are well placed to end 2023 successfully.”
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