Allwyn Reports €1.25B Revenue and 81% Online NGR Growth in Q2 2026 Under Robert Chvatal
Allwyn AG has reported preliminary second-quarter 2026 Net Revenue of €1,246 million, up 27% year-on-year, with Adjusted EBITDA of €458 million, up 29% and a margin close to 37%. The gains, announced on 27 August 2026, were driven by Continental Europe, a stronger digital channel and the newly consolidated PrizePicks in North America. Strip out PrizePicks and higher Austrian gaming taxes and underlying growth was 5%. The figures are preliminary and unaudited.
Why Allwyn’s Q2 2026 Gaming Revenue Growth Matters Now
Headline growth of 27% is the kind of number that gets quoted and forgotten. The detail is more useful. This is the first clean quarter showing the combined Allwyn – OPAP group operating as one business, following a combination completed earlier in the year and a redomiciliation to Switzerland in May. It’s also the first full quarter carrying PrizePicks, consolidated from mid-January. So the question worth asking isn’t whether Allwyn grew. It’s where.
What Allwyn’s Record Net Revenue Actually Involves
Break the revenue down by product and the story sharpens. Lottery Net Revenue fell 2% to €498 million, against a prior year that benefited from favourable jackpot cycles, including EuroMillions hitting its €250 million maximum. iGaming rose 24% and sports betting rose 12%, both helped by activity around the FIFA World Cup 2026. Adjusted EBITDA reached €458 million; on an underlying basis, excluding PrizePicks, the Austrian tax step-up and higher licence amortisation at LottoItalia, EBITDA still grew 9%.
CEO Robert Chvatal framed it plainly: “After a very positive Q1, I’m pleased to announce further strong performance in the second quarter, with Group Net Revenue increasing by 27% year-on-year, to €1.2 billion, and Adjusted EBITDA increasing by 29%, to €458 million.” The read on that statement: management is leaning into the acquisition-and-digital thesis, and the underlying 5% top-line growth is the number analysts will actually anchor to once the PrizePicks effect laps.
How PrizePicks and Online Gaming Reshaped the Numbers
Here’s the figure that reframes the whole quarter. Online net gaming revenue jumped 81% to €596 million and now represents 52% of the group’s net gaming revenue, up from 37% a year earlier. A business whose identity is draw-based lottery is now generating most of its gaming revenue online.
But the PrizePicks contribution needs reading carefully. The €231 million in daily fantasy sports is a newly consolidated business, not a booming new engine – PrizePicks only entered the accounts from mid-January, so the prior-year group figure was zero. On a like-for-like basis, DFS net revenue was actually slightly lower year-on-year (€231m against €235m), even as amounts staked rose more than 35% and the active player base grew 18%. The gap is explained by exceptionally operator-friendly sports results in the comparative quarter, plus heavy World Cup marketing that squeezed North American profitability as Allwyn spent to acquire players ahead of the NFL season. Strong player activity, in other words — not yet strong net revenue.
How Allwyn’s Retail Lottery Base Is Funding Its Online Betting Push
For a platform head or content director, the actionable point is the mix, not the total. Allwyn is treating a stable, cash-generative retail lottery base as the funding engine for digital acquisition and US-style products – most visibly the July launch of Powerball in the UK, the first time the game has been offered outside the United States, already with a player base above 2.5 million. That’s a template competitors with legacy distribution will study: use the reliable base to bankroll the volatile-but-scalable online verticals, rather than defend the old product. Allwyn also reaffirmed its 2026 guidance and declared a €0.20 per share interim distribution, part of €1.19 per share in total capital returns for the year.
The DFS Numbers That Flatter Allwyn’s iGaming Growth
Three honest qualifiers. First, the eye-catching daily fantasy line flatters the growth story: staking is up sharply, but on a like-for-like basis net revenue there is not yet following. Second, these are preliminary, unaudited numbers; the audited IFRS statements are due on 3 September 2026, and the company itself notes adjustments could be material. Third, the comparatives are re-based for the Allwyn–OPAP combination and exclude sold German casinos, so year-on-year reads aren’t strictly like-for-like – and the UK, where net revenue grew just 2% in the half, is guided to come in below earlier expectations. Net debt including leases stood at €6,658 million, 3.5x LTM Adjusted EBITDA on a pro-forma basis.
What Does Allwyn’s Q2 2026 Result Signal for the Regulated Gaming Market?
The direction is clear enough to plan around. A lottery-led operator has crossed the point where online drives the majority of its gaming revenue, and its newest bets sit in DFS and prediction markets in a US market it entered by acquisition. For the wider industry, that’s a signal that the line between lottery, betting and fantasy operators is thinning, and that scale in distribution is increasingly being used to buy scale in digital. The next two quarters – once the World Cup effect fades, the PrizePicks staking growth is tested against net revenue, and the audited numbers land – will show whether that mix shift is structural or simply well-timed. Either way, the operators watching this one should be asking how much of their own future revenue still depends on the channel that just shrank.
Source: Allwyn
