Allwyn’s 21% Q1 Net Revenue Surge? Don’t Buy the Hype—PrizePicks Is Doing the Heavy Lifting

(AsiaGameHub) –   Allwyn’s Q1 2026 earnings press release leads with a shiny 21% net revenue jump. But peel back the layers, and the story changes. Without last year’s PrizePicks acquisition, that growth plummets to just 3.5%. PR spin often hides the real drivers, and here, it’s clear: the US DFS operator is propping up the numbers.

Let’s get to the raw facts. Total revenue hit €2.39 billion, up 8% year-on-year. Net revenue reached €1.2 billion, a 21% rise. The catch? PrizePicks, which Allwyn bought last year, is included in those net figures. Exclude it, and the growth is a meager 3.5%—hardly the success story the release implies.

Regional breakdowns tell more. Continental Europe stayed the largest market, with total revenue up 7% to €1.2 billion. The UK dipped 7% to €942 million, but paid €718 million in taxes and good causes. North America’s total revenue skyrocketed 408% to €305 million, but net revenue only climbed 7% to €224 million. This week, Allwyn named ex-Virginia Lottery chief Khalid Reede Jones as North America CEO.

Betano’s performance is a bright spot. Allwyn owns 37% of Kaizen Gaming (Betano) via last October’s OPAP merger. Betano’s Q1 revenue hit €788 million, up 27% year-on-year. It operates across Europe and Latin America, adding steady growth to Allwyn’s portfolio.

CEO Robert Chvatal talks about execution and integration of acquisitions. But headwinds exist: Austria’s higher gaming tax and last year’s record jackpots (EuroMillions, Tzoker) made comparisons tougher. The good news? Geopolitical issues in the Middle East, macro pressures, and tariffs didn’t hit the company this quarter.

Allwyn’s future growth will hinge on whether PrizePicks can keep delivering or if core markets finally pick up organic momentum.