Allwyn’s Q3 Earnings Soar 98% on Camelot Acquisition
Lottery powerhouse, Allwyn, experienced a substantial 98% surge in both overall earnings and gross gambling revenue (GGR) during the third quarter, contrasted with the corresponding timeframe last year. This remarkable expansion was driven by their purchase of Camelot UK, the longstanding administrator of the UK National Lottery.
It’s crucial to recognize, however, that excluding the Camelot acquisition, Allwyn’s inherent revenue actually declined by 1% for the quarter, while GGR stayed level.
During the third quarter, Allwyn declared total earnings of €20.1 billion (roughly $21.8 billion), with a net profit of €883.3 million and adjusted EBITDA of €368.4 million. The incorporation of Camelot UK considerably amplified these numbers, with net profit leaping 38% and adjusted EBITDA rising 16%.
Camelot, which had overseen the UK National Lottery since 1994, was procured by Allwyn in late March, signifying a critical juncture for the corporation. This acquisition has demonstrably had a significant influence on Allwyn’s financial results, both for the quarter and the year thus far.
“I am delighted to share another collection of robust financial outcomes and strategic advancements for Allwyn,” stated Robert Chvatal, Chief Executive Officer of Allwyn.
Our third-quarter earnings in 2023 skyrocketed by 98% year-over-year. This remarkable surge is a testament to the robustness of our current business and the significant influence of the Camelot acquisition in the first quarter.”
“Examining the initial nine months of the year, concluding in September, our overall revenue reached €5.7 billion, while our profits attained €2.6 billion. This represents a 98% and 43% leap, respectively, in comparison to the corresponding period in 2022. Excluding the Camelot integration, our revenue and profits still experienced solid gains of 7% and 8%, respectively.”
“Despite encountering some industry challenges this quarter, I am immensely pleased with Allwyn’s ongoing achievements,” Chvatal concluded. “I am optimistic that we are well-positioned for a highly prosperous 2023.”
