Allwyn AG, a global gaming company, announced strong results for Q1 2026 with a net revenue growth of 21%, equating to EUR 1,204 million. Adjusted EBITDA was €443 million, an increase of 24%, and the margin was near 37%.
PrizePicks Enters the Accounts
The headline figure is not the full story. PrizePicks was consolidated from January 16, following Allwyn’s acquisition of 62.3% stake in the U.S. daily fantasy sports operator. That consolidation gave Allwyn a new U.S. online sports entertainment line. It also made the first quarter more difficult to compare with year-earlier results. Allwyn said PrizePicks had a material impact on the consolidated metrics.
Stripping out the deal effect and other adjustments, growth was slower but still positive. Allwyn said underlying net revenue rose 5% after excluding PrizePicks’ first-time contribution and adjusting for higher gaming taxes in Austria. Excluding PrizePicks alone, net revenue was up 3.5%.
OPAP Deal Sets the New Base
The quarter also followed the completion of the business combination of Allwyn International AG and OPAP S.A. The quarter also followed the combination of Allwyn International AG and OPAP S.A. OPAP was renamed Allwyn AG on March 17, creating the listed group trading in Athens.
It makes a difference in how you read the numbers. Allwyn released the chosen data on a look-through basis. It took the expanded group as the reference point and adjusted for full ownership of the Greece and Cyprus businesses. It also excluded the historical contribution from Allwyn International AG’s German casino operations, which were sold in 2025.
That accounting lens enables the new perimeter to be viewed but it means the quarter should be considered a reset. The company isn’t just spinning a lottery-led European narrative anymore. It now has lottery operations, online sports entertainment, iGaming, sports betting penetration, and U.S. daily fantasy sports.
Buyback Follows a Heavy Deal Period
Allwyn also took the opportunity to confirm capital returns. The board has approved a share buyback programme of up to €150 million. The company also maintained its policy to pay at least €1 per share annually, with an interim distribution of €0.20 to be paid out later this year.
The guidance remained firm. Allwyn continues to target consolidated net revenue growth in the mid-to-high 20% range for 2026, before certain one-off impacts in Continental Europe. Its adjusted EBITDA margin target was also maintained at 37%.
The message is clear enough. Allwyn’s management wants to demonstrate that the group could pay for recent acquisitions and still return cash to shareholders.
UK Lottery Case Eases Pressure
The update was also issued in the wake of a legal victory in the UK. In April, the High Court dismissed Richard Desmond’s damages claim over the fourth National Lottery licence. In late May and early June, UK media reported that Northern & Shell faced a legal costs bill of more than £40 million. The challenge had questioned the Gambling Commission’s decision to grant the licence to Allwyn.
In May, UK media reported Desmond’s Northern & Shell would have to pay legal costs exceeding £40 million after the case. The ruling took away one of the biggest uncertainties for Allwyn when it came to the UK lottery.
For Allwyn, the timing is useful. The company has completed a substantial tech overhaul for the UK National Lottery and is developing product changes that include an upgraded Lotto as well as a planned Powerball introduction.
The Expert Read
Allwyn’s Q1 is not so much a story about one strong revenue line but rather a transformed company shape. PrizePicks gives the group U.S. reach. OPAP gives it a larger listed base. The UK court result clears the noise around the lottery licence. The next challenge is whether Allwyn can keep this organic growth visible as new assets make the accounts larger and more complex.
