Allwyn reports 115% increase in consolidated Q2 revenue – as takeover of UK lottery draws nearer

Allwyn has reported its Q2 financial report for 2023, showing that it has made €2.05bn in total consolidated revenue.

allwyn total rev image

Key highlights

- Total consolidated revenue hits €2.05bn – up 115% annually

- Meanwhile, consolidated net revenue records a figure of €906.7m

- However, Allwyn’s total consolidated net debt for Q2 2023 stands at €1.56bn

Looking at Allwyn’s total consolidated revenue first, Allwyn’s €2.05bn ($2.20bn) sum represents a 115% rise year-on-year.

Meanwhile, Allwyn’s total revenue without its recent Camelot acquisition – which was made ahead of Allwyn’s takeover of the UK National Lottery – totalled €1.02bn, a 7% rise against Q2 2022’s €953.1m.

The graph below shows this sum compared to the last four Q2 reports, highlighting the slowing of Allwyn’s total revenue from a 200% rise between Q2 2020 and 2021, to the 7% it reported between Q2 2022 and Q2 2023.

For Q2 2020-2022 the sum is reported in gross gaming revenue (GGR), with Allwyn changing to total revenue for Q2 2023.

Overall, Allwyn’s Q2 total consolidated revenue has increased significantly because of its move to buy Camelot’s UK operations (more on that later).

Moving onto Allwyn’s consolidated adjusted EBITDA, in Q2 2023 this saw an increase of 35%, now totalling €381m against Q2 2022’s €283m.

However, taking out its Camelot deal, Allwyn’s adjusted EBITDA only rose by 15% to €324.6m. 

Looking at this across the last four quarters, from Q2 2021 to Q2 2022 the adjusted EBITDA increase stood at 17% – although the biggest rise was seen between Q2 2020 and Q2 2021, when the percentage rise in adjusted EBITDA was 343%.

Coming to Allwyn’s consolidated net revenue, the figure for Q2 2023 is reported as being €906.7m, representing a 51% increase on Q2 2022’s €602.3m. 

Allwyn’s net revenue (excluding its Camelot acquisition) was €655.1m, a 9% annual increase on Q2 2022. The company’s net revenue for the past four quarters can be seen in the graph below.

Allwyn reported its net revenue as net gaming revenue (NGR) in Q2 2020-2022, while it reported it as net revenue in Q2 2023.

Allwyn’s total consolidated net debt for Q2 2023 stood at €1.56bn, with the company taking out a syndicated bank loan of €42.5m – due for repayment by 2029. Meanwhile, Allwyn also revealed that it has repaid the €180m it had taken as part of its €300m revolving credit facility – that remains available to the company.

For H1 2023, Allwyn saw a 98% increase in total consolidated revenue, representing a figure of €3.69bn against H1 2022’s €1.87bn. Its adjusted EBITDA for H1 stood at €727.7m, a 32% increase on the same period last year.

Meanwhile, revenue excluding its acquisition of Camelot totalled €2.07bn – a 12% annual rise. Additionally, adjusted EBITDA was 15% up year-on-year, totalling €324.6m.

Lastly for H1, its consolidated net revenue sat at €906.7m, with its net revenue excluding the Camelot UK acquisition up 13% to €1.33bn.

”Overall, I am very pleased with Allwyn’s continued progress and believe we are well placed for the rest of 2023 and the next chapters of our growth story” - Robert Chvátal, Allwyn CEO

Allwyn’s takeover of the UK National Lottery in February 2024 will no doubt change its 2024 Q2 revenue further, meaning that it is hard to predict what will come for Allwyn this time next year.

Finally, Robert Chvátal, Allwyn's CEO, commented on Allwyn’s financial results: “I am pleased to report that Allwyn delivered another quarter of strong growth, profitability and strategic progress.

“We delivered organic revenue growth across markets and also saw a further step up in profit and free cash flow generation owing to this being the first full quarter of ownership of our recent acquisitions, Camelot UK and Allwyn LS Group (formerly Camelot LS Group).

“Our total revenue increased by 115% year-on-year in Q2 2023, reflecting growth of 7% in our existing geographies as well as the significant contribution from the Camelot Acquisitions.”

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