Czech lottery giant Allwyn has published its financial results for the second quarter of 2022. The company demonstrated strong growth in its GGR and online sales.
Allwyn’s GGR Increased Significantly
According to Allwyn’s results, the company earned $900 million for the period. This represents a 23% year-on-year increase and reflects the company’s ongoing organic growth and post-COVID recovery.
Allwyn’s iGaming segment proved to be an increasingly important part of the company’s business. The company’s Q2 results show that the vertical was singlehandedly responsible for 44% of its GGR in the Czech Republic, the operator’s home market. For comparison, the vertical contributed 38% of the company’s GGR in Q2 2021.
The company posted an adjusted EBITDA of $276 million with an adjusted EBITDA margin of 50%.
Taking a look at Allwyn’s results for the entire first half of the year, we see that the company’s overall gross gaming revenue went up by 41% compared to the same period last year. H1 2022 saw the operator earn over $1.7 billion, which far surpasses H1 2021’s 1.25 billion.
Allwyn No Longer Impacted by COVID
Allwyn shared that it has not been materially impacted by the ongoing war in Ukraine since it doesn’t run any operations in Ukraine, Belarus or Russia. Luckily, the company’s suppliers also haven’t experienced any disruptions. Furthermore, Allwyn claims to have already recovered from the COVID-related woes and can now operate at full capacity for the first time since the beginning of the pandemic.
Allwyn will now proceed to grow its business with various strategic agreements and acquisitions. The company notably plans to increase its interest in Kaizen, a leading tech and gaming company. Thanks to an agreement with OPAP, Allwyn will acquire OPAP’s 36.75% interest in the Greek operator.
Allwyn is meanwhile waiting to be officially licensed as the operator of the British National Lottery. The UK Gambling Commission selected Allwyn as the successor of the incumbent operator, Camelot in March. However, Camelot didn’t take this very well and launched a lawsuit that continues to prevent the UKGC from officially handing the license to Allwyn.
Chvatal Is Optimistic about Allwyn’s Future
Robert Chvatal, chief executive of Allwyn, spoke about the company’s results. He revealed that he is happy about the progress Allwyn has made. Chvatal now hopes to continue growing the company through both organic and inorganic growth strategies. Chvatal added that he is glad to see the company’s iGaming segment contribute a record 44% of GGR in the Czech Republic. He believes that the shift to online gaming is an “unprecedented opportunity” for his company.
Speaking about the National Lottery issues, Chvatal said that the Court of Appeal will soon decide the matter.
We look forward to the Court of Appeal hearing in September of the current operator’s appeal of the High Court’s decision to allow the license award to proceed and the formal transition period to begin.Robert Chvatal, CEO, Allwyn
Finally, Chvatal concluded that he is “very pleased” with Allwyn’s performance and is optimistically looking forward to the next quarters.