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Allwyn Reports 27% Q2 Revenue Growth Following PrizePicks Consolidation

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Altay
Altay Celikkaya
Content Manager
Updated:
Reading Time: 3 minutes

Allwyn AG reported net revenue of €1.246 billion for the three months ended 30 June 2026, a 27% increase from €979 million a year earlier. Adjusted EBITDA rose 29% to €458 million, while the margin improved by 0.5 percentage points to 36.8%, according to the company’s results.

The headline increase reflected the first full second-quarter contribution from PrizePicks, which Allwyn has consolidated since 16 January. Excluding that acquisition and higher Austrian gaming taxes, net revenue increased by a more moderate 5%.

Allwyn logo alongside a rising turquoise bar chart and Q2 2026 label on a dark blue background

Industry News

Key Takeaway: Acquisition-Led Growth Outpaces Organic Momentum

  • Group net revenue reached €1.246 billion, up 27%.

  • Adjusted EBITDA increased to €458 million, with a 36.8% margin.

  • Underlying net revenue rose 5% after excluding PrizePicks and Austrian tax effects.

  • Allwyn maintained its 2026 revenue and margin guidance.

PrizePicks Expands Digital and Sports Exposure

Daily fantasy sports contributed €231 million of net revenue during the quarter, compared with no contribution in the prior-year group figures. North American net revenue reached €294 million, although heavier marketing investment around the FIFA World Cup and preparations for the NFL season weighed on comparable profitability.

PrizePicks continued to broaden its product mix by combining PlayerPicks and TeamPicks within single line-ups and integrating prediction markets alongside daily fantasy sports. Player activity strengthened, with amounts staked rising by more than 35% and the active player base ending June 18% higher year on year.

The expansion comes as state-level tax and jurisdictional disputes around prediction markets continue to develop in the US, creating a changing regulatory backdrop for companies adding event-contract products.

UK Profitability Improves After Technology Investment

Allwyn’s UK net revenue increased 2% to €236 million, while adjusted EBITDA rose from €6 million to €23 million. The improvement followed completion of The National Lottery’s technology transformation, which reduced capital expenditure and began to support operating efficiency.

Revenue momentum remained restrained by digital re-platforming effects and comparison with favourable EuroMillions jackpot cycles in 2025. Management now expects full-year UK net revenue growth below the mid-to-high single-digit range previously anticipated.

The performance followed the fourth National Lottery licence transition from Camelot to Allwyn, which remains subject to UK Gambling Commission oversight. New products, including an enhanced Lotto format and the UK launch of Powerball in July, are intended to improve engagement after the technology migration.

Beyond Allwyn’s company-specific transition, higher regulatory costs across Britain’s licensed gambling market are adding to the wider operating backdrop. A 25% increase in most UKGC licence fees is due to take effect in October 2026.

Continental Europe Faces Tax and Licence Costs

Continental European net revenue increased 4% to €731 million, supported by 24% growth in iGaming and a 12% rise in sports betting. However, adjusted EBITDA fell 3% to €293 million because of higher Austrian gaming taxes and increased licence fee amortisation at LottoItalia.

Allwyn said underlying EBITDA increased 9% when PrizePicks, Austrian tax changes and the LottoItalia amortisation effect were excluded. The company also completed the final steps in combining Allwyn International with OPAP during the quarter.

Guidance Holds as Cash Generation Strengthens

Allwyn reaffirmed its 2026 outlook for consolidated net revenue growth in the mid-to-high twenties, before approximately €60 million of one-off Continental European effects, and an adjusted EBITDA margin of about 37%.

Capital expenditure declined 39% to €38 million, lifting adjusted EBITDA after capital expenditure by 43% to €420 million. The board declared an interim distribution of €0.20 per share, while a share buyback programme of up to €150 million remained in progress.