Allwyn Expects 2024 Q1 To Surpass £2 Billion Mark
Allwyn Expects 2024 Q1 To Surpass £2 Billion Mark
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Allwyn the lottery operator has given a recent trading update, the company announced that it expects to post first-quarter gross gaming revenue (GGR) of between £2 billion and £2.05 billion for 2024. This figure not only represents a large increase from the £1.59 billion recorded in the same period last year.
Allwyn’s CEO, Robert Chvatal, expressed his satisfaction with the company’s performance, stating that the trading is “broadly in line” with the group’s expectations at the start of the year. This positive outlook is largely driven by the strong operational and financial performance, as well as the successful implementation of Allwyn’s growth strategies.
Breakdown of Allwyn’s Q1 2024 Projections
Allwyn’s Q1 2024 projections can be attributed to several key factors:
The full quarter of contribution from the United Kingdom segment, where Allwyn is the new license holder for the National Lottery, has positively impacted revenues. This strategic move has allowed the company to capitalize on the strong GGR momentum across most of its markets.
Allwyn’s Austrian GGR has continued to progress year-on-year, supported by strong iGaming growth. In the Czech Republic, GGR growth remained dynamic, with a double-digit percentage increase year-on-year on a constant FX basis, driven by growth across all major products.
While the UK market experienced a strong performance in January, the last month of Camelot’s deal to operate the National Lottery, the company has since faced “substantially lower profitability in February and March.” This is due to the start of the next license on February 1, 2024, and the introduction of a new incentive and profitability mechanism.
