Allwyn International reported a 4% year-over-year revenue growth, reflecting the successful execution of its M&A strategy throughout 2025.
For the full year, total revenue reached €9 bn ($9.8 bn) compared with €8.7 bn ($9.5 bn) in 2024. Gross Gaming Revenue (GGR) amounted to €8.6 bn ($9.4 bn), up from €8.3 bn ($9.05 bn) the previous year.
Net revenue also rose 4% YoY to €4.1 bn ($4.47 bn) (2024: €3.9 bn/$4.25 bn), while operating EBITDA declined 5% YoY to €1.3 bn ($1.42 bn) from €1.4 bn ($1.53 bn) in 2024. Adjusted EBITDA for FY25 came in at €1.6 bn ($1.74 bn), up 4% from the previous year (2024: €1.5 bn/$1.64 bn).
In Q4, total revenue fell 1% to €2.3 bn ($2.51 bn) (Q4 2024: €2.4 bn/$2.62 bn), with GGR slightly down to €2.2 bn ($2.40 bn) (€2.3 bn/$2.51 bn). Net revenue rose 1% to €1.1 bn ($1.2 bn), while operating EBITDA reached €417 m ($454 m), up 5% from €398 m ($434 m) in Q4 2024. Adjusted EBITDA grew 14% to €497 m ($541 m) (Q4 2024: €435 m/$474 m).
A Year of Major Deals
Allwyn International’s growth was supported by several major acquisitions and contract agreements throughout 2025.
In April, the company significantly strengthened its digital presence in Germany by acquiring a 25.1% stake in the licensed online lottery reseller Next Lotto GmbH, which increased to 34.7% by November.
At the same time, its retail market presence was reduced: Allwyn sold 10 casinos in Lower Saxony, generating €67 m ($73 m) in gross proceeds.
A notable success was also achieved in Italy, where the regulator awarded the next nine-year Italian Lotto concession to LottoItalia – a consortium between Allwyn and Brightstar, with ownership stakes of 32.5% and 61.5%, respectively.
In August, controlling shareholder KKCG Group sold a 4.27% stake in Allwyn International to J&T ARCH for €500 m ($545 m). In the same month, Allwyn’s Greek and Cyprus brand OPAP acquired a 15.5% stake in local operator Stoiximan, increasing its ownership to 100%.
OPAP was also selected as the preferred operator for the next 12-year concession to exclusively run instant and passive lotteries in Greece.
Additionally, Allwyn and OPAP agreed to merge, with Allwyn’s stake in the combined entity increasing from 52% to 78.5%. As part of consolidating its European operations, Allwyn plans to unify all its brands under a single name.
Allwyn was also active in the U.S., where it brokered a deal with local daily fantasy sports operator PrizePicks to acquire a controlling 62.3% stake. Starting Q1 2026, PrizePicks will be included in Allwyn’s North America reporting.
Growth by Geography
Considering these developments, full-year revenue in Continental Europe – covering Austria, the Czech Republic, Italy, Greece, and Cyprus – reached €4.7 bn ($5.12 bn), up 6% from €4.5 bn ($4.91 bn) in 2024. Net revenue was €3 bn ($3.27 bn) (FY24: €2.8 bn/$3.05 bn), and adjusted EBITDA rose 2% to €1.3 bn ($1.42 bn).
North America revenue totaled €232 m ($253 m), down 1% from €234 m ($255 m) in 2024. Net revenue also reached €232 m ($253 m), showing a marginal decline from €234 m ($255 m) the previous year.
Finally, the U.K., where Allwyn operates the National Lottery, also showed improved performance. Total revenue in this market was €4 bn ($4.36 bn), up 2% from the prior year. Net revenue increased to €962 m ($1.05 bn) from €909 m ($991 m) in 2024.
Robert Chvatal, Allwyn CEO, concluded: “2025 was a pivotal year for Allwyn. We continued to deliver on all dimensions of our strategy, driving good financial performance across our business, and agreed on two transformative transactions – strengthening our positioning for sustainable long-term growth and an exciting future as a listed company.
“The significant steps taken this year further strengthen our platform and position us well to deliver sustainable long- term value as a listed company.”
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