Allwyn Q2 Revenue Climbs 27% While Underlying Growth Holds at 5%

Allwyn reported €1.25 billion in second-quarter net revenue, up 27% from a year earlier. The headline increase remained far above the group’s underlying growth rate as PrizePicks continued to affect the consolidated numbers.

Net revenue reached €1.246 billion for the three months to June 30, compared with €979 million in Q2 2025. Adjusted EBITDA increased 29% to €458 million, while the margin edged up from 36.3% to 36.8%.

Underlying Revenue Growth Holds at 5%

The acquisition effect remains important when reading the quarter. Allwyn has consolidated PrizePicks since January 16. Excluding that contribution and adjusting for higher gaming taxes in Austria, net revenue rose 5% year-on-year.

That was the same underlying growth rate reported in the first quarter. Allwyn also said the comparison was difficult because several markets benefited from favourable jackpot cycles a year earlier.

Underlying adjusted EBITDA grew 9% after excluding PrizePicks, the Austrian tax change and higher licence fee amortisation at LottoItalia.

Sports Betting and UK Profitability Support the Quarter

Digital activity remained one of the main operating drivers. Allwyn said sports betting and iGaming performed strongly during Q2, with betting receiving an additional lift from the 2026 FIFA World Cup.

The UK contributed to profitability rather than top-line acceleration. Earnings improved after completion of The National Lottery’s technology transformation, although UK net revenue growth remained slower than in continental Europe.

Allwyn also added or upgraded draw-based lottery products in Austria, the Czech Republic and the UK. Its UK operation became the first lottery operator outside the US to offer Powerball.

PrizePicks continued to broaden its North American product mix. The company added the option to combine PlayerPicks with TeamPick in one line-up and integrated prediction markets alongside daily fantasy sports.

2026 Guidance Stays Unchanged

Allwyn kept its full-year outlook in place. It expects consolidated net revenue growth in the mid-to-high 20% range before one-off effects of about €60 million in continental Europe. The adjusted EBITDA margin target remains around 37%.

The board also declared an interim distribution of €0.20 per share. Together with the share buyback, Allwyn said capital returns for 2026 have reached €1.19 per share. After the quarter ended, the group agreed to increase its stake in German lottery reseller Next Lotto to 65%, giving it control of the business.

The 27% headline increase is still heavily influenced by the expanded group structure. The cleaner operating benchmark is the 5% underlying growth rate, which has now held at the same level for two consecutive quarters despite tougher year-on-year comparisons.