Camelot acquisitions drive Allwyn’s Q1 revenue up 80%

Allwyn International has posted an 80% year-on-year (YoY) rise in Q1 revenue, following two completed acquisitions in the first quarter of 2023.

The Czech lottery giant acquired Camelot UK in February, the current operator of the UK National Lottery, and Camelot LS Group in March, the current operator of the Illinois Lottery.

Following both moves, Allywn posted an 80% jump in revenue from €914m (£785.8m) to €1.6bn as well as an 81% increase in gross gaming revenue (GGR) from €875.6m to €1.59bn due to strong performances across “existing geographies”.     

Not including the Camelot acquisitions, the company posted a 17% revenue rise from €914m to €1.06bn.

Allwyn’s adjusted EBITDA rose 28% YoY from €269.9m to €346.7m with an adjusted EBITDA margin increase from 46.6% to 47.9%.

Elsewhere, Allwyn noted a 28% jump in adjusted free cash flow from €250.9m to €322.2m.

In a statement, Alllwyn CEO Robert Chvatal said he was “very pleased” with the company’s start to 2023 as they look to continue their growth over the course of the year.

“Our total revenue increased by 80% year on year in Q1 2023, reflecting strong growth of 17% in our existing geographies as well as the first-time contributions of the United Kingdom, following the acquisition of Camelot UK, and Camelot LS Group, operator of the Illinois Lottery, under a private management agreement.

“The strong performance in our existing geographies was driven by further progress in digital channels and our continued focus on the customer proposition in physical retail, as well as some impact from COVID-19 on last year’s numbers. We once again saw the resilience of demand for our products, even in an environment where consumer spending remains under pressure.

“We continued to deliver strong margins and to generate robust free cashflow, reflecting our favourable cost structure and focus on cost and capital efficiency,” said Chvatal.