{"id":253,"date":"2024-06-27T02:04:45","date_gmt":"2024-06-26T23:04:45","guid":{"rendered":"https:\/\/dreamcasinonodepositbonuscode.icu\/2024\/06\/27\/allwyn-international-reports-strong-first-quarter-earnings-despite-economic-challenges\/"},"modified":"2024-06-27T02:04:45","modified_gmt":"2024-06-26T23:04:45","slug":"allwyn-international-reports-strong-first-quarter-earnings-despite-economic-challenges","status":"publish","type":"post","link":"https:\/\/dreamcasinonodepositbonuscode.icu\/2024\/06\/27\/allwyn-international-reports-strong-first-quarter-earnings-despite-economic-challenges\/","title":{"rendered":"Allwyn International Reports Strong First-Quarter Earnings Despite Economic Challenges"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/9b7Dfi9KM4M\" frameborder=\"0\" allowfullscreen><br>\n<\/iframe><\/p>\n<p>Allwyn International, the Austrian lottery behemoth, witnessed rapid expansion in the initial three months of 2022, with Chief Executive Officer Robert Chv\u00e1tal stating that the firm effectively overcame the hurdles of subdued consumer demand. <\/p>\n<p>Allwyn\u2019s income increased despite muted consumer demand in the first quarter.<br>\nChv\u00e1tal mentioned that the macroeconomic climate presented difficulties in the quarter, but they did not significantly impact earnings.<\/p>\n<p>He remarked: \u201cWe have observed a decrease in overall consumer demand in recent months due to persistent inflationary pressures. However, our business has thus far been only minimally affected due to the low price point and low average expenditure of our offerings, as well as our substantial base of regular patrons.\u201d<\/p>\n<p>The company\u2019s total gaming income in the quarter was \u20ac869.3 million, a 65% surge from the initial three months of 2021, with revenue growth across all of Allwyn\u2019s markets.<\/p>\n<p>Just over half of this income originated from Greece and Cyprus, where Allwyn holds a 48.1% interest in lottery operator OPAP.<\/p>\n<p>Revenue in this region increased by 162.0% to \u20ac457.2 million, partially due to Allwyn expanding its stake in OPAP during the quarter.<\/p>\n<p>Austria, where OPAP has interests in Casinos Austria and Austrian Lotteries, generated \u20ac309.3 million in revenue, a 52% rise.<\/p>\n<p>Allwyn\u2019s domestic market of the Czech Republic saw revenue increase by 7% to \u20ac102.8 million. <\/p>\n<p>In a similar vein, earnings across all sectors experienced an upward trend.<\/p>\n<p>Digital lottery continued to be Allwyn\u2019s primary source of income, reaching \u20ac364.3 million, representing a 32% year-over-year rise. Instant lottery earnings grew by 30% to \u20ac64.2 million. Sports wagering earnings climbed by 76% to \u20ac162.3 million, while online betting earnings expanded by 6% to \u20ac112.2 million.<\/p>\n<p>Meanwhile, video lottery terminals and gambling establishments observed an increase in their earnings from \u20ac1.4 million to \u20ac166.3 million.<\/p>\n<p>After accounting for the slower growth in lottery tax, net gaming earnings surged by 89% to \u20ac534.4 million.<\/p>\n<p>\u201cI am pleased that the initial three months of 2022 were largely unaffected by the COVID-19 pandemic, with only limited coronavirus-related restrictions in Austria, Greece and Cyprus, as well as some operations in Italy, most of which were lifted in the second quarter,\u201d stated Chvatal. \u201cThe fully reopened physical retail channels in these markets performed well, while online sales continued to be robust across the regions, with online channels contributing a record 43% of GGR in the Czech Republic.\u201d<\/p>\n<p>Operational expenses also saw an increase, but at a slower pace. The company attributed this partly to a successful restructuring program implemented in June 2020, which enabled the company to scale its operations at a lower cost following the COVID-19 pandemic.<\/p>\n<p>Consequently, first-quarter 2022 EBITDA was more than double that of the first quarter of 2021, reaching \u20ac267.4 million. <\/p>\n<p>Allwyns operating earnings, after subtracting depreciation and amortization, reached \u20ac206 million, marking a 180% rise compared to the initial quarter of 2021.<\/p>\n<p>The business also paid \u20ac44.5 million in financing charges and \u20ac32.6 million in taxes, leading to a net profit of \u20ac128.9 million, nearly four times the profit recorded in the same period the previous year.<\/p>\n<p>The quarter also witnessed three significant milestones for Allwyn. In January, the company revealed plans to combine with a special purpose acquisition company (SPAC) known as Cohn Robbins Holdings Corp, which would enable it to be listed on the New York Stock Exchange.<\/p>\n<p>In March, the UK Gambling Commission declared that Allwyn would be the next operator of the UK National Lottery, making it the first operator other than Camelot in lottery history.<\/p>\n<p>\u201cI am pleased that in March 2022, we were chosen as the preferred candidate for the fourth UK National Lottery license by the Gambling Commission,\u201d stated Chvatal.<\/p>\n<p>However, the finalization of the agreement has been postponed due to legal challenges initiated by Camelot. The Technology and Construction Court heard the complaints on May 11 and 12, but a ruling has not yet been issued.<\/p>\n<p>Finally, at the end of the quarter, Allwyn finalized its rebranding from its previous name Sazka, changing the names of all its businesses to reflect its more \u201cworldwide\u201d strategy.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Allwyn International, the Austrian lottery behemoth, witnessed rapid expansion in the initial three months of 2022, with Chief Executive Officer Robert Chv\u00e1tal stating that the firm effectively overcame the hurdles of subdued consumer demand. Allwyn\u2019s income increased despite muted consumer demand in the first quarter. Chv\u00e1tal mentioned that the macroeconomic climate presented difficulties in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Allwyn International: Strong Q1 Despite Economic Headwinds<\/title>\n<meta name=\"description\" content=\"Allwyn International reports robust Q1 earnings, defying muted consumer demand and macroeconomic challenges. 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