Allwyn Reports Stellar Q1 2023 Results Driven by Camelot UK Acquisition
Allwyn, a prominent lottery company, has announced exceptional results for the first quarter of 2023, boasting an 80% surge in revenue. This remarkable expansion is primarily attributed to their recent purchase of Camelot UK, the former operator of the UK National Lottery.
The corporation’s income soared to €1.6 billion, a substantial increase compared to the corresponding period last year. This upswing is particularly noteworthy when examining their performance without the Camelot acquisition, as revenue still climbed by a commendable 17% to hit €1.06 billion.
Allwyn’s adjusted EBITDA also witnessed a robust rise, reaching €346.7 million, indicating a 28% improvement. This positive financial standing is further underscored by a 40% leap in net earnings, reaching €811.2 million.
Robert Chvatal, Chief Executive Officer of Allwyn, conveyed his contentment with the company’s strong commencement to the year, underscoring their dedication to both internal growth and strategic mergers. He emphasized the significance of ethical gaming and affirmed that Allwyn is devoted to guaranteeing a secure and pleasurable experience for all participants. Allwyn’s impressive first-quarter outcomes showcase the company’s effective expansion approach and its commitment to becoming a worldwide frontrunner in the lottery sector.
Allwyn experienced a phenomenal beginning to 2023, as overall income surged by 80% in the initial quarter versus the corresponding timeframe last year. This remarkable expansion was driven by a robust 17% increase in their established territories and the inclusion of earnings from Britain, attributed to their latest purchase of Camelot UK and Camelot LS. Incidentally, Camelot LS manages the Illinois Lottery through a contractual arrangement. Regarding Britain, Allwyn is poised to assume control of the UK National Lottery in February 2024. They secured the fourth National Lottery permit after outbidding the incumbent operator, Camelot, in a competitive tender. In an unexpected maneuver, Allwyn also procured Camelot UK, which also participates in the UK lottery sector. The intention is to amalgamate Camelot UK into their soon-to-be-obtained lottery license. However, Camelot did not yield without resistance. They pursued legal action against the Gambling Commission and Allwyn in a last-ditch effort to retain the license they have held since the UK National Lottery’s inception in 1994. Although this tactic proved successful in the past to prevent Virgin from securing the third National Lottery license, it was insufficient to halt Allwyn on this occasion.