Allwyn Sees Substantial Revenue Growth in First Quarter of 2024

Robust Performance in Line with Expectations

Allwyn’s CEO, Robert Chvatal, expressed contentment with these figures, indicating that the performance was “broadly in line” with the group’s projections at the year’s onset. The optimistic forecast is attributed to the company’s strong operational execution and the fruitful realization of its strategic growth initiatives.

Detailed Insights into Q1 2024 Financial Projections

Allwyn anticipates its adjusted EBITDA for the quarter to be between £355 million and £365 million, an increase from £346.7 million in the first quarter of 2023.

This potential upsurge of up to 29% in GGR from the previous year’s first quarter underlines the successful scaling of the company’s market activities.

Key Factors Driving Growth

Several factors have contributed to Allwyn’s positive revenue projections for Q1 2024:

• United Kingdom Operations: Since becoming the new license holder for the National Lottery, Allwyn has experienced a full quarter of revenue contributions from this segment, significantly boosting its GGR.
• Strong Market Performance: The company has seen robust growth in its Austrian segment, particularly in iGaming. In the Czech Republic, Allwyn reported dynamic GGR growth across all major products, with double-digit percentage increases year-on-year on a constant FX basis.
• Transitional Challenges: Despite a strong start in January, the profitability in the UK segment saw a notable dip in February and March following the commencement of a new license and the implementation of a new incentive and profitability mechanism.

Challenges and Strategic Adjustments

The transition period in the UK has presented challenges, with “substantially lower profitability in February and March.”

However, these adjustments are part of a broader strategy to enhance long-term profitability and market adaptability under the new licensing agreement.