UK National Lottery Owner Grows H1 Revenue 162% After OPAP Merger

Allwyn AG, parent company of UK National Lottery owner Allwyn UK, reported vastly increased revenue of €3.14 billion (£2.7 billion) for H1 2026, up 162% after completing its business combination with OPAP S.A.

Net revenue for the period was €1.75 billion, up from €835 million, and adjusted EBITDA was €675 million, up 70%. In March, Allwyn completed its merger with Greek operator OPAP, making it the second-largest listed lottery and gaming operator globally, with Allwyn AG now being listed on the Athens Stock Exchange.

The merger was announced in October, with the enlarged group valued at €16 billion (£13.89 billion). Allwyn now owns approximately 78.5% of the company, with OPAP shareholders owning the remaining 21.5% of shares.

Trickle-down effect

The increased revenue for the company could have a positive effect on the UK National Lottery. Allwyn has been operating the lottery since February 2024, after taking over from Camelot, which had held the National Lottery license since its inception in 1994. Allwyn also operates lottery contracts in Czechia, Italy, Austria, Greece and Cyprus, as well as Illinois and Michigan in the US.

Allwyn UK announced in January it would be carrying out 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 number of new digital experiences will be offered, including an extended range of games, improved player protection tools, and the opportunity for players to have a more simple way to play, check results and claim prizes.

Studio 59 and Powerball developments

During Q2, Allwyn UK launched Studio 59, a new in-house creative and content studio. When announcing the launch of the studio, Allwyn said the studio is being developed in response to a rapid shift in the marketing and media landscape. The studio is named after the Lotto game, where players pick numbers from 1 to 59.

Descriptions of the types of content that Studio 59 will produce were vague, but Allwyn mentioned the studio will combine content, social, production, planning and brand marketing into an integrated structure.

In April, Allwyn announced it had 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, ahead of a launch in July.

Powerball is played in 45 US states, combining 48 jurisdictions, with the UK lottery becoming the 49th to be added to the game. This is the first time a lottery outside the US has been able to take part.

Pressure is on

Despite these expansions and upgrades, reports last June suggested Allwyn UK was under intense pressure from British regulator the Gambling 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.

Allwyn UK’s net revenue grew 3% year-on-year for Q2 on a constant currency basis to €236 million, but gross gaming revenue declined 14% due to a strong EuroMillions comparison and digital re-platforming effects. There was a strong increase in adjusted EBITDA, which went up to €23 million from €6 million.