Allwyn International reported third-quarter 2025 net revenue up 5% year on year to €1.02bn, while adjusted EBITDA fell 8% to €374m. The company attributed the earnings decline in part to weaker sports betting margins and higher corporate costs; its share of Betano’s net income dropped 53% to €34m.
The results show that weaker sports betting margins and higher corporate costs reduced earnings despite revenue growth.
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Allwyn began trading on the Athens Stock Exchange after completing its merger with OPAP, according to the report. The combined entity was valued at €16 billion; Allwyn said it is considering a further listing in London or New York.
Allwyn said its previous 2026 Adjusted EBITDA margin guidance of about 37% would no longer apply if Brazil's prohibition on online sports betting and iGaming remains in force through year-end. The company is assessing the effect on its 36.75% stake in Kaizen Gaming; Betano is evaluating mitigation measures and preparing legal action, Allwyn said.
Brazil's government issued Provisional Measure 1.394/2026 on 25 September, provisionally prohibiting fixed-odds betting and online gambling, according to the report. Licensed companies have ten days to close operations, and the measure still requires parliamentary approval. Flutter said it had stopped operating in Brazil and estimated that a shutdown through the rest of 2026 would reduce revenue by about US$70m and adjusted EBITDA by about US$20m.
Allwyn said Betano was preparing legal action to protect its rights in Brazil, the brand’s largest market. Entain said it now expected to reach the lower end of its full-year 2026 guidance ranges, while Better Collective shares fell 25%.
Brazil’s National Association of Games and Lotteries and the Brazilian Institute for Responsible Gaming criticised a government decision to ban online gambling, saying it could push customers towards unregulated sites. The associations cited licensed-platform use, consumer protections and potential economic effects; the IBJR cited a forecast of R$58bn to R$73bn in revenue at risk between 2027 and 2030. Allwyn said the temporary measure could remain in force until early March 2027, subject to congressional action.