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Allwyn International reported a 7% year-on-year revenue growth in Q3 2024, reaching €2.14 billion, fueled by strong organic growth in Austria, Greece, and Cyprus, as well as sustained progress in its digital channels.
Adjusted EBITDA for Q3 2024 rose 12% year-on-year to €410.8 million, driven by strong results in Austria, where gross gaming revenue (GGR) grew 7%, and in Greece and Cyprus, which saw a 17% increase. The UK experienced modest GGR growth of 1% year-on-year on a constant currency basis.
However, adjusted EBITDA for the UK segment dropped by 84% to €7 million, attributed to a new incentive and profitability mechanism introduced after the UK lottery takeover.
Robert Chvatal, the CEO, mentioned:
I am pleased to report another quarter of good progress and financial performance, in which we delivered strong top-line growth – with standout performance in Greece and Cyprus – and once again achieved solid profitability and cash flow generation.
He mentioned the digital channel as a major contributor to revenue growth throughout Allwyn’s operations.
The quarter also benefitted from favourable jackpot cycles in lottery. This contrasted with the third quarter last year which, in addition to the impact of unfavourable jackpot cycles, was also impacted by customer-friendly sports results.
With emphasizing Allwyn’s inorganic growth, Chvatal pointed to the September acquisition of Instant Win Gaming, where Allwyn secured a 70% stake for $242.7 million.
Robert Chvatal, the CEO, added:
The transaction has expanded our footprint and capabilities in content and further advanced our position in the North America market. Overall, I am pleased with our continued progress and believe we are well-placed for the remainder of 2024 and the next chapters of our growth story,
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