Allwyn FY23; revenue up 98%, 6% excluding acquisitions

Allwyn acquired the UK’s National Lottery operator, Camelot UK, in March, which has played a significant part in the company's overall annual growth (although the UK itself is down!).  

revenue reports

Allwyn has released its figures for FY23. Overall, the lottery and gaming company generated €7.88bn ($8.53bn) across the year, with a consolidated adjusted EBITDA of €1.48bn. Net revenue came to €3.59bn, up 42% from last year's €2.53bn. 

Total gross gaming revenue (GGR) came to €7.55bn, up 98% from last year's €3.81bn.  

Excluding acquisitions 

Excluding acquisitions, €7.88bn in consolidated total revenue reflected growth of 6% year-on-year for Allwyn. Meanwhile, consolidated adjusted EBITDA excluding acquisitions was up 12%. 

Acquisitions 

By comparison, when including acquisitions, €7.88bn reflects growth of 98%, while €1.48bn in consolidated adjusted EBITDA reflects growth of 27%. 

Allwyn’s most notable acquisition of 2023 was that of Camelot UK, which was cleared by the Gambling Commission in the UK in January and completed in March, purchased from the Ontario Teachers’ Pension Plan Board. Camelot UK is the UK’s National Lottery operator, reporting in May 2023 that, in the 2022/23 period, lotteries in the UK generated £8.19bn ($10.34bn), up 1% year-on-year. 

Allwyn also expanded and developed the Group in 2023, with examples including the rebranding of Camelot Illinois to Allwyn North America in October as well as launches in locations like Austria and Greece. It also engaged in several partnerships throughout the year, including with Vodafone for the UK lottery and 0xCollection in Switzerland. 

These results are not surprising, given that similar figures were seen in the company’s Q3 results. Here, total revenue and GGR were both up 98%, though excluding acquisitions, net revenue was down 1%.  

UK results

In the UK specifically, total revenue and GGR was reported at €3.93bn, or just shy of 50% of the consolidated total revenue. This is a fall of 4%. Net revenue and operating EBITDA were also down, falling 2% and 5% respectively. This was much the same for Q4, with GGR down 2% at €975.3m and net revenue down 5% at €199.5m.

Q4 2023 

Looking at Q4, the results are much the same. Consolidated revenue was up 97% (4% excluding acquisitions) for a total of €2.18bn, with a GGR of €2.08bn, also up 97%. Adjusted EBITDA was up 30% (15% excluding acquisitions), a Q4 total of €388.5m.

Comments 

On the results, Allwyn CEO Robert Chvatal said: "I am pleased to report that 2023 was another year of strong financial and operational performance and strategic progress... On a reported basis, which includes the impact of the Camelot acquisitions that we completed in the first quarter, total revenue increased 98% year-on-year.

"Excluding the acquisitions, we delivered strong total revenue growth of 6% year-on-year... I want to thank all my colleagues whose dedication and hard work has contributed to this performance in 2023.” 

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