The quarter’s performance was driven by particularly robust results in Austria, where gross gaming revenue (GGR) rose by 7% year-on-year, alongside standout growth in Greece and Cyprus, which recorded a 17% increase.
The United Kingdom also saw modest gains, with GGR increasing by 1% year-on-year on a constant currency basis.
However, adjusted EBITDA for the UK segment fell by 84% year-on-year to €7m, primarily due to the introduction of a new incentive and profitability mechanism following the UK lottery takeover.
Allwyn Q3: CEO commentary
Nonetheless, CEO Robert Chvatal expressed satisfaction with the company’s performance, citing its ability to deliver strong growth and profitability while advancing its strategic priorities.
“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,” Chvatal said.
He also highlighted the digital channel as a key driver of revenue growth across 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,” he added.
Chvatal also underscored the significance of Allwyn’s inorganic growth strategy, particularly its recent investment in Instant Win Gaming.
The acquisition, completed in September, saw Allwyn secure a 70% majority stake in IWG for $242.7m, with the potential for additional earnouts based on the company’s future performance.
“The transaction has expanded our footprint and capabilities in content and further advanced our position in the North America market,” Chvatal said.
“The transaction has expanded our footprint and capabilities in content and further advanced our position in the North America market,” he said.
Looking ahead, Chvatal expressed confidence in Allwyn’s ability to sustain its growth momentum.
“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,” he concluded.
