Allwyn reveals Q3 growth ahead of OPAP merger

Summary

Allwyn International posted a 4% year‑on‑year rise in total revenue for Q3 of FY2025 as it prepares to merge with OPAP to form a €16 billion group. CEO Robert Chvatal expects further growth in 2026 and beyond, driven by a move to a single consumer‑facing Allwyn brand and ongoing M&A activity, including the PrizePicks deal and stakes in Novibet and Instant Win Gaming.

The group reported €2.20bn in group revenue for the quarter, with €2.12bn as gross gaming revenue (GGR) and net revenue of €1.02bn. Lottery remains the largest contributor (€551m, +7%), while VLT/casino, sports betting and iGaming also grew. Adjusted EBITDA was down 8% to €374m, hit by weaker contributions from equity‑method investees (notably Betano) and higher corporate costs.

OPAP — the merger partner — also reported Q3 growth (GGR +6.6%) and improved net profit, reinforcing both companies’ argument that the combined business will have stronger scale and market reach. The merger is expected to close in H1 2026.

Key Points

Allwyn Q3 total revenue: €2.20bn, up 4% year‑on‑year.
Gross gaming revenue: €2.12bn (+5%); net revenue: €1.02bn (+5%).
Lottery is the main revenue driver (€551m, +7%); online net gaming revenue rose 8% to €343m.
Adjusted EBITDA fell 8% to €374m, mainly due to lower equity‑method investee contributions and higher corporate costs.
Major M&A moves: planned merger with OPAP (Allwyn to hold 78.5% economic interest), PrizePicks acquisition (62.3% stake for $1.6bn), 51% stake in Novibet owner Logflex, and consolidation of Instant Win Gaming stake.
Regional performance: Continental Europe €729m (+6%), UK €250m (+6%, digital growth), North America strongest at €55m (+15%).
OPAP Q3: GGR €602.9m (+6.6%), net revenue €409.9m (+6%), net profit €127.9m (+6.1%); both firms anticipate benefits from the planned combined brand.

Content summary

Allwyn is reporting modest revenue growth across its portfolio while it accelerates an M&A strategy and a strategic rebrand ahead of a planned merger with OPAP. The quarter showed strengths in lottery and digital channels, with particular momentum in online GGR and North America.

Earnings were softer: adjusted EBITDA declined due to weaker equity investee performance (Betano was affected by customer‑friendly sporting results) and higher corporate simplification costs. Year‑to‑date figures show continued revenue growth (nine months: total revenue €6.65bn, +6%) and stable adjusted EBITDA for the period.

OPAP’s Q3 results, released shortly before Allwyn’s, mirrored the sector pattern: revenue and profit growth driven by lottery products, VLTs and strong iGaming performance, though sports betting was slightly down due to sporting outcomes in September.

Both management teams highlight the strategic importance of the merger — scale, a public market listing, a unified brand and marketing synergies — with a target close in H1 2026.

Context and relevance

This result sits squarely within two big industry trends: consolidation in the global iGaming and lottery sectors, and the shift to stronger consumer brands backed by digital growth. Allwyn’s active acquisition strategy plus the OPAP combination would create a sizeable, diversified player with deeper access to capital markets and cross‑market marketing synergies.

For investors and industry watchers, the quarter signals solid top‑line momentum but highlights near‑term earnings sensitivity to group structure changes and partner performance. The planned H1 2026 merger is the headline — it reshapes market structure in European lottery and gaming and will be a focus for regulators, investors and competitors.

Author style

Punchy: This is a headline deal — big scale, clear strategy and some near‑term earnings noise. If you follow iGaming finance or M&A, pay attention: the combined Allwyn‑OPAP will matter.

Why should I read this?

Quick and useful — if you want the essence: Allwyn is growing, spending big on M&A, and about to combine with OPAP to make a major new market player. We’ve boiled down the numbers, the risks (earnings weakness from investees, corporate costs) and the upside (scale, branding and digital growth). Save the time — read this to know whether to dig into the full results or the upcoming merger filings.

Source

Source: https://igamingbusiness.com/finance/quarterly-results/allwyn-q3-growth-opap-merger/