Allwyn expects to post Q1 gross gaming revenue of between €2bn and €2.05bn, as it reported a preliminary trading update.
The figure will either way be an increase and could have jumped by up to 29 per cent from Q1 2023’s €1.59bn.
Allwyn said a full quarter of contribution from the United Kingdom segment, where it is the new licence holder for the National Lottery, has positively impacted revenues amid “strong GGR momentum” across most markets.
Adjusted EBITDA, meanwhile, will be between €355m and €365m for Q1 2024, Allwyn said, up from €346.7m in Q1 2023.
Robert Chvatal, Allwyn CEO, said trading is “broadly in line” with the group’s expectations at the start of the year, “reflecting good operational and financial performance and our ongoing focus on the delivery of our growth strategies.”
“Allwyn remains well positioned for 2024 and for the next chapters of its growth story,” he added.
The company’s Austrian GGR “continued to progress year-on-year” in the quarter, it said, supported by strong igaming growth.
“In the Czech Republic, GGR growth remained dynamic, up a double-digit percentage year on year on a constant FX basis, with growth across all major products,” Allwyn added.
“In the United Kingdom, GGR was flat year-on-year on a constant FX and comparable presentation basis, with Numerical Lotteries outperforming.”
Sticking in the UK, Allwyn said a strong performance in January, the last month of Camelot’s deal to operate the National Lottery, was followed by “substantially lower profitability in February and March, with the start of the next licence on February 1, 2024 and the introduction of a new incentive and profitability mechanism.”
Allwyn will confirm its Q1 results on Friday, June 7.
Allwyn has furthermore announced the launch of an offering of a USD-denominated Term Loan B in the principal amount of $450m by Allwyn Entertainment Financing (US).
The proceeds of this will be used to “redeem in full the €400 million in aggregate principal amount outstanding under the Floating Rate Notes due 2028 issued by Allwyn Entertainment Financing (UK), to pay costs, fees and expenses incurred in connection with the offering, and for general corporate purposes,” Allwyn said.
“A substantial portion of the proceeds is expected to be swapped to floating rate EUR.”
