Digital focus continues to pay off for Allwyn as revenue rises in Q2
Summary
Allwyn reported total revenue of €2.27 billion for Q2 (three months to 30 June 2025), a 6% increase year-on-year, with gross gaming revenue (GGR) rising 6% to €2.19 billion. Digital operations now account for 42% of GGR, up 16% versus the prior year. CEO Robert Chvatal credited the digital push and ongoing product and technology work for the performance, while noting continued commitment to player safety and stakeholder responsibilities.
The UK remains the biggest contributor (GGR €1.09 billion, +7% y/y), helped by EuroMillions jackpot cycles and online instant-win launches. Product-level performance: numerical lotteries +8% (€1.22bn), instant lotteries +3% (€355m), iGaming +13% (€191m), VLT & casino +5% (€231m), and sports betting -2% (€185m).
On earnings, net revenue grew 6% to €994 million. Operating EBITDA fell 8% to €301 million, but after €61m of adjustments (including non-cash items tied to the IWG acquisition), adjusted EBITDA rose 6% to €362 million, with margin improving to 36.4%.
Key Points
- Total Q2 revenue: €2.27bn, up 6% year-on-year.
- GGR: €2.19bn (+6%); digital now 42% of GGR (up 16% y/y).
- UK GGR leads at €1.09bn (+7%), supported by EuroMillions and online instant-win growth.
- Product breakdown: numerical lotteries +8%; iGaming +13%; instant lotteries +3%; VLT/casino +5%; sports betting -2%.
- Net revenue: €994m (+6%); operating EBITDA down to €301m, adjusted EBITDA €362m (+6%).
- H1 totals: total revenue €4.52bn (+6%), GGR €4.34bn (+6%), adjusted EBITDA €728m (+4%).
- Major operational moves: UK retail tech upgrade, rollout of over 30,000 Wave terminals, and continued investment in product development.
- M&A and portfolio changes: 51% stake in Logflex MT (Novibet owner), acquisition of remaining Stoiximan minority, sale of certain land-based casino assets; KKCG sold a 4.27% stake in Allwyn to J&T Arch Investment.
- Leadership: Kresimir Spajic appointed CEO of Allwyn Digital to drive global digital expansion (started 1 September).
Context and relevance
Allwyn’s results underline a wider industry trend: established lottery and gaming operators increasingly prioritise digital channels to drive growth and improve margins. The company’s balanced performance—top-line growth, stronger digital mix, and rising adjusted EBITDA—suggests its transformation plan (tech upgrades, terminal refresh, targeted M&A) is gaining traction. For stakeholders in iGaming, lottery operations, payments and retail distribution, these developments are directly relevant as they indicate where investment, competition and product innovation are concentrating.
Why should I read this?
Short version: Allwyn’s digital push is actually delivering numbers. If you care about where lottery and iGaming growth is coming from (hint: online and tech upgrades), this is worth a quick skim — we’ve done the marathon reading so you don’t have to. Key takeaways: steady revenue growth, stronger digital mix, product-led UK lift, and tidy adjusted EBITDA after one-offs.
Author style
Punchy — the facts are laid out with clear implications for digital strategy and commercial execution; if you follow gaming finance or lottery operations, the detail matters.
