Allwyn’s consolidated total revenue for Q3 has seen a 98% rise to €2.01bn (£1.72bn/$2.17bn) largely attributed to the acquisition of Camelot UK and Camelot Lottery Solutions Group. This addition almost doubled their revenue year-on-year in Q3 to €368.4m, while earnings and adjusted free cash flow also saw an increase.
The acquisition of Camelot UK, the current operator of the UK’s National Lottery, took place in February, ahead of Allwyn taking control of the lottery in February of the following year as part of the fourth National Lottery license. Additionally, Camelot Lottery Solutions (Camelot LS) was acquired earlier in 2023 and has since been rebranded as Allwyn North America to reflect the purchase.
Allwyn CEO Robert Chvatal expressed his satisfaction with the progress across the group in Q3 and believes that the results demonstrate their readiness for further growth in Q4 and beyond. He reported a 98% increase in total revenue for Q3, showing a steady performance in existing geographies along with a significant contribution from the Camelot acquisitions completed in the first quarter.
Preliminary results for the quarter indicated a 98% increase in consolidated gross gaming revenue, reaching €1.92bn. Net revenue, after accounting for gaming taxes and good causes contributions, also increased by 38% to €883.3m. Excluding the Camelot acquisitions, total revenue decreased by 1% to €1.01bn for the quarter.
The UK segment made up almost half of the Q3 revenue, totaling €956.5m, while other geographical segments such as Greece, Cyprus, Italy, Austria, Czech Republic, and the US showed varying growth and decline in total revenue.
For the nine months leading up to September, Allwyn reported a 98% rise in total revenue to €5.70bn, with gross gaming revenue increasing by 99% to €5.47bn and net revenue by 43% to €2.60bn. Adjusted EBITDA also experienced a 26% increase to €1.10bn, and adjusted free cash flow rose by 23% to €1.02bn.
Overall, despite challenges in the sector during the quarter, Chvatal remains positive about Allwyn’s continued progress and anticipates a successful end to 2023, setting the stage for future growth.