Positive Q1 Trading Updates for Allwyn

Allwyn provided a trading update for the first quarter of 2024 and also announced the launch of a $450 million Term Loan B offering from Allwyn Entertainment Financing (US). Revenue is expected to grow significantly, expected to range from 2 to 2.05 billion euros ($2.17 billion), compared with 1.59 billion euros in the same period last year.

The revenue growth reflects Allwyn's success in most of its markets. In the UK, the company began issuing a lottery license in February, which significantly impacted the quarter's results. Austria saw strong iGaming GGR, while the Czech Republic saw double-digit GGR growth.

Adjusted EBITDA is expected to be between €355 million and €365 million, up from €346.7 million recorded in the first quarter of last year. Capital expenditure is expected to rise by 83.7% year-on-year to €45 million.

Allwyn CEO Robert Chvatal said: “2024 started well, with trading broadly in line with our expectations at the start of the year, reflecting strong operational and financial performance and our continued focus on executing our growth strategies. The strong momentum in gross revenue growth continued in the first quarter, during which Allwyn successfully launched the next 10-year UK National Lottery license period and also made further progress in adjusted EBITDA. Allwyn remains well positioned for 2024 and the next chapters of its growth story.”

In other gaming and financial news, Entain has completed a strategic review of its capital allocation committee (CapCo), which also impacts the overall market picture.

The first quarter of 2024 was strong for Allwyn, demonstrating strong revenue growth and improvement in key financial metrics. The company continues to strengthen its position in international markets and successfully implement growth strategies.