Key points
- Total revenue for Q3 2024 reached €2.14bn, a 7% year-on-year increase
- Adjusted EBITDA grew 12% to €410.8m, reflecting organic growth and favourable jackpot cycles
- Digital channels contributed significantly to growth across markets
Allwyn International has announced preliminary unaudited financial results for Q3 2024, reporting €2.14bn ($2.26bn) in total revenue, a 7% increase year-on-year.
This performance reportedly reflects organic growth in key markets like Greece, Cyprus and Austria, coupled with sustained momentum in the digital channel.
Revenue drivers and regional highlights
Revenue from gaming activities reached €2.06bn in Q3, marking a 7% increase. Net revenue rose 11% to €981.8m, while adjusted EBITDA climbed 12% to €410.8m.
Excluding contributions from its UK and North American operations, adjusted EBITDA surged by 21%.
Greece and Cyprus were standout markets, reportedly benefiting from favourable jackpot cycles and organic growth through the OPAP lottery. Austria also contributed significantly, with numerical lotteries and digital GGR driving the gains.
Acquisitions and expansion
During Q3, Allwyn completed the acquisition of Instant Win Gaming (IWG), a supplier of online instant games for lotteries. This investment expanded Allwyn’s footprint in North America and reportedly strengthened its content development capabilities.
In the UK, Allwyn commenced its operation of the National Lottery in February 2024, following its acquisition of Camelot UK. Despite challenges under the new licence mechanism, the integration of the UK operations marks the next step in Allwyn’s long-term growth strategy.
Challenges and comparability
CEO Robert Chvatal said: “In executing our organic growth strategy, we remain focused on our responsibilities to all our stakeholders, including our resolute focus on safe play. The quarter also benefited from favourable jackpot cycles in lottery. This contrasted with the third quarter last year which, in addition to the impact of unfavourable jackpot cycles, was also impacted by customer-friendly sports results.”
Adjusted Free Cash Flow totalled €339m, a modest 1% increase. Capital expenditures surged to €71.8m.
Favourable trends in digital channels
Digital revenue maintained its momentum, with Allwyn citing product innovation and customer-centric content as key factors. Greece and Austria were highlighted as leaders in digital growth, with increases of 46% and 21%, respectively, in online gaming revenue.
Past developments
This quarter’s results follow Allwyn’s Q2 2024 announcement of a 5% revenue increase to €2.15bn. Earlier in the year, Allwyn completed its acquisition of Camelot UK and launched operations under the new National Lottery licence in February 2024.
Additionally, the group highlighted growth in Greece, Cyprus and Austria in Q2, reinforcing its strategic focus on expanding digital and geographic footprints.
