Allwyn Entertainment posts Q2 2022 unaudited results

Allwyn Entertainment is confident that, despite the headwinds in the United Kingdom, and the current unpleasantness with the National Lottery bid, the company is very much prepared to take over the reins in the UK. The second-quarter and half-year unaudited results have shown remarkable resilience with the company posting growth across the sector from the same periods last year.

The Group reported gross gaming revenue of €902m or a 23% increase from the same period last year. Much of this is owed to the continued organic growth of the company along with the operational environment which has been coming back to normal, marking the reopening of many venues and the lifting of anti-covid measures.

The company also reported consolidated adjusted EBITDA of €277m, a margin of 50%. Similarly, Allwyn experienced growth in online channel operations, which added 44% of gross gaming revenue in the Czech Republic. The half-year results were impressive as well. Gross gaming revenue for H1 2022 stood at €1.71bn, an increase of 41% from the same period a year earlier.

However, Allwyn Entertainment acknowledged that there is weaker "general consumer sentiment." The current operating conditions have not been challenged by COVID-19 and the geopolitical turmoil in Ukraine has not impacted the Group’s results.

Allwyn Entertainment has provided humanitarian aid to Ukraine as well, following in the example of other companies from the sector. Commenting on the company’s results and performance, Allwyn CEO Robert Chvatal added that the Group had been able to deliver yet another strong result.

Chvatal confirmed that Allwyn had reached an agreement with OPAP to buy the company’s 36.75% stake in Kaizen, an online sports betting and iGaming brand that Allwyn had had its eyes set on for a long time. The executive also confirmed that the company is continuing with its preparations to take over the UK National Lottery operator as soon as the UK Gambling Commission clears the awarding of the fourth license.

This point caused some disturbance in the UK as the incumbent and supposedly outgoing company, Camelot, has sought to challenge the selection process. "I am particularly pleased that our focus on online sales continues to pay off, with the online channel contributing a record 44% of GGR in the Czech Republic," Chvatal noted.

He explained that the Group had remained laser-focused on diversifying its assets and product reach. All in all, Chvatal said, he was pleased with the financial performance and strategic developments achieved during the quarter.

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