Key Moments:
- Allwyn International AG reported Net Revenue of €1023 million for Q3 2025, a 5% increase year-over-year
- The company agreed to acquire a majority stake in PrizePicks, expanding into North American daily fantasy sports
- Allwyn and OPAP plan an all-share combination to form the second largest listed global lottery and gaming operator
Financial Performance in Q3 2025
Allwyn International AG has released its preliminary unaudited financial results for the third quarter ended 30 September 2025. The company delivered Net Revenue of €1023 million, representing a 5% year-on-year growth. Adjusted EBITDA for the quarter was €374 million, down 8% compared to the same period last year. This decline was mainly driven by customer-favorable sports outcomes. Additionally, non-operating items affected Betano. Additionally, higher corporate expenses followed last year’s group restructuring. Net debt to Adjusted EBITDA stood at 2.3x as of 30 September 2025.
| Financial Metric | Q3 2025 | Year-on-Year Change |
|---|---|---|
| Net Revenue | €1023 million | +5% |
| Adjusted EBITDA | €374 million | -8% |
| Net Debt / Adjusted EBITDA | 2.3x | – |
Strategic Developments and Market Expansion
In September, the company agreed to acquire a majority interest in PrizePicks, a leading daily fantasy sports operator in North America. As a result, this move marks Allwyn’s entry into the U.S. online sports entertainment sector. PrizePicks has shown strong growth, profitability, and cash generation. It is supported by an innovative platform and a distinct brand.
After the quarter ended, Allwyn announced plans for an all-share combination with OPAP. Once completed, this transaction will create the world’s second largest listed lottery and gaming company. This combination builds on Allwyn’s long-standing involvement with OPAP. In turn, it aims to enhance stakeholder value by leveraging greater scale, technology, and market reach.
Brand Initiatives and Financing Milestones
Allwyn has begun rolling out its consumer-facing brand in the Czech Republic and Greece. This step represents the first stage of its multi-market branding strategy. Overall, the introduction of a single brand aims to strengthen marketing and attract new audiences across multiple regions.
In November, Allwyn successfully completed syndication of USD 1.5 billion in financing to support its acquisition of PrizePicks. This included a USD 1 billion institutional term loan B. It marked Allwyn’s largest issuance in this market segment to date.
Management Perspective
Robert Chvatal, Allwyn CEO, commented: “I am pleased to report another quarter of solid financial performance and transformative strategic initiatives, as we continue to execute our growth strategy.
Net Revenue increased 5% year-on-year in the third quarter. This is broadly in line with growth in the first half. It is also especially pleasing given the strength of growth in the same quarter last year. This performance reflects continued delivery on our digital growth strategy. Online Net Gaming Revenue rose 8% year-on-year. It also demonstrates the unwavering commitment of our teams to deliver an exceptional customer experience.
We achieved good profitability growth across the majority of our businesses in the quarter, benefiting from continued top-line growth and a full quarter’s contribution from Instant Win Gaming, which we acquired last year and continues to perform very well; however, this was offset by several specific headwinds in the quarter, including exceptionally customer-friendly sports results affecting performance of Betano (reported as an equity method investee) and, as we also noted in the first half of the year, higher Corporate costs following last year’s simplification of the group structure.
We are also delighted and excited to have announced two landmark transaction that significantly advance our growth strategy and strengthen our position as a global leader in lottery and gaming.
First, in September we agreed to acquire a majority stake in PrizePicks, the leading daily fantasy sports operator in North America. This transaction marks our entry into the fast-growing U.S. online sports entertainment market. Consequently, it positions us to grow in a rapidly expanding segment. PPrizePicks has a strong track record of growth, profitability, and cash generation. It is supported by an innovative platform that has made it the clear leader in its category. Its engaging product offering, proprietary technology and strong brand are genuinely differentiated, and position us to capture long-term growth opportunities in this dynamic segment of the very substantial and dynamic U.S. market.
Second, in October we announced the planned combination of Allwyn and OPAP to create the second largest listed lottery and gaming operator globally. This transaction is the logical next step in our long-standing stewardship of OPAP, which has delivered very significant shareholder returns to Allwyn and the other shareholders of OPAP since our initial investment in 2013. It safeguards the long term value of OPAP in a rapidly evolving gaming environment and enables OPAP’s public shareholders to benefit from Allwyn’s unique platform, including growth, scale, diversification, access to leading technology and digitalisation, and a developing global brand, while continuing to benefit from substantial and resilient cash returns. For Allwyn, this represents the natural next milestone in our journey, with a public market listing expanding our capital markets access to equity markets and elevating the profile of Allwyn’s global platform.
We are also pleased to have begun our rollout of Allwyn as a consumer-facing brand, beginning in the Czech Republic and Greece. This is the start of our long-term strategy to introduce the Allwyn brand as the key consumer-facing brand across our markets. It supports our broader ambition to unify the group under a single identity. We see the introduction of a single brand as an important enabler of our growth strategy, allowing us to connect with new audiences in new and existing markets and to achieve marketing synergies across the group. Finally, in November, we successfully syndicated a USD 1.5bn financing for the acquisition of PrizePicks. This included a USD 1bn institutional term loan B, our largest offering to date in this market, demonstrating continued investor support for the Allwyn credit and confidence in our outlook.
Our progress so far this year reinforces the strength of our proven strategy and, looking forward, we are well prepared to deliver the next phase of our growth story and further strategic progress.”
- Author
Daniel Williams
