Allwyn’s UK Numbers Fall for Q1 Amid Major National Lottery Upgrade

Allwyn UK’s gross gaming revenue (GGR) and adjusted EBITDA dropped year-on-year for Q1 2026, which the UK National Lottery operator put down to higher underlying operating costs and increased marketing investment.

UK GGR was €942 million (£815.1 million) for the quarter, and adjusted EBITDA was €4 million, down from €9 million. However, net revenue increased 7% on a constant currency basis to €224 million. Capital expenditure dropped from €32 million to €18 million. The UK accounted for 19% of the company’s total net revenue, which was up 21% to €1.2 billion.

A busy time in the UK

In January, Allwyn UK, which was awarded the National Lottery contract by British regulator the Gambling Commission in February 2024, announced what it called a major upgrade to the National Lottery’s digital platforms, with the update allowing Allwyn to offer the largest ever range of National Lottery games.

A total of 11.8 million player accounts have migrated to a new account management system. A number of new digital experiences will be offered, including an extended range of games, improved player protection tools, and what Allwyn claims will be a refreshed look and feel, with a more simple way to play, check results and claim prizes.

Allwyn said the upgrade is part of its £400 million+ investment in upgrading the National Lottery. However, Allwyn is reportedly on course to spend around £500 million in an attempt to overhaul the National Lottery’s IT systems, which is double what it had planned to spend on the project when taking over the running of the lottery from Camelot two years ago. Camelot had operated the National Lottery since its inception in 1994.

In April, Allwyn UK reached an agreement with the Multi-State Lottery Association for the Powerball jackpot to be made available to players in the UK as well as the US from this summer. Powerball is played in 45 US states, combining 48 jurisdictions, with the UK lottery becoming the 49th to be added to the game.

Significant investment

Speaking about the Q1 2026 results, Robert Chvatal, Allwyn CEO, said: “In the United Kingdom, we completed our significant investment in the technology transformation of the National Lottery, modernising infrastructure that had long constrained product development and innovation.

“We are delighted to have since unveiled an innovative update to the Lotto game and the planned UK launch of Powerball – the world’s largest jackpot game, which is one of the most exciting developments in lottery globally for many years.”

Reports last June suggested Allwyn UK was under intense pressure from the Commission following delays to plans to modernise the lottery, including improvements to its 43,500 terminals. A major systems update took place in the summer, when the National Lottery’s website went down for 34 hours.

According to The Telegraph, the National Lottery has projected revenue of £84 billion across the 10-year association with Allwyn, which would be some way off an initial projection of £152 billion.

OPAP merger completes

Another notable moment from Q1 was the completion of Allwyn’s merger with Greek operator OPAP. The merger was announced last October, with the enlarged group valued at €16 billion. Allwyn now owns approximately 78.5% of the company, with OPAP shareholders owning the remaining 21.5% of shares.

Following completion of the merger, Allwyn AG listed on the Athens Stock Exchange. Allwyn also intends to pursue an additional listing on another leading international stock exchange such as London (LSE) or New York (NYSE).

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