Allwyn is leaning further into iGaming, as the group is acquiring the remaining minority interest in Stoiximan, in addition to completing the sale of its German and Australian casino assets.
The group noted that it intends to “re-present consolidated balance sheets for comparative periods to reflect a related liability, which was €205.6m as of 31 March 2025, with a corresponding adjustment to equity and no effect to the income or cash flow statements”.
In a further update, the company announced that Allwyn Entertainment Financing (UK) plc has launched an €500m offering in aggregate principal amount of senior secured notes, while also stating that it has traded “broadly in line” with expectations in the second quarter.
Alongside the cash on the balance sheet, the offering’s proceeds are expected to be used to redeem in full the €500m in aggregate principal amount outstanding under the 3.875% senior secured notes due 2027 and to pay any accrued and unpaid interest thereon and costs, fees and expenses incurred in connection with the offering.
German and Australian casino assets sale
Allwyn has agreed to sell its Australian casino operations, under its subsidiary Casinos Austria International, and has also sold its German casino operations. Gross proceeds are expected to be approximately €105m. Both of these casino operations are reported as part of the company’s Austria segment.
Comprising 10 Lower Saxony casinos, the German casino operations were sold on 1 July, generating gross proceeds of €67.7m, with €15.2m allocated as a dividend upstreamed in June before the disposal and the remaining €52.5m received in July.
On 11 July, a bid was accepted by Allwyn for the sale of its Australian casino operations, consisting of the Reef Hotel Casino complex in Cairns, held through Reef Casino Trust (RCT), a single-purpose trust listed on the Australian Securities Exchange in which the group owns a 42% interest. Sale proceeds are expected to be approximately €54m.
Structured as an off-market cash takeover bid for RCT, the transaction is expected to be completed in the first half of 2026, subject to at least 80% of all RCT unit holders accepting the bid, anti-trust and regulatory approvals and other customary closing conditions. The group and its partner, Accor, have already accepted the offer with a combined unitholding of over 71%.
Stoiximan acquisition
Last week on 18 July, the remaining 15.51% minority interest in Stoiximan was acquired by OPAP SA, Allwyn’s Greece and Cyprus segment operator, from its founder-shareholders for a cash consideration of €191.6m on a cash-free, debt-free basis, plus an adjustment for net cash as of the closing date.
Financed with cash resources and liquidity facilities at OPAP and expected to be completed in Q3, subject to approval from the Cypriot regulatory authorities, the transaction will increase the operator’s ownership in Stoiximan to 100% after it first acquired an interest back in 2018, increasing its interest to 84.49% subsequently through two acquisitions.
Allwyn added that the deal is “in line with Allwyn’s strategy of increasing its interest in existing operations that are not wholly-owned” and increases its exposure to “high-growth online sports betting and iGaming segments” to complement its lottery operations.
No tariff exposure
Allwyn has also provided an update on its current trading following the conclusion of Q2, noting that business is “broadly in line” with expectations.
The company added that the macroeconomic outlook in connection with international trade tariffs has had “no material impact on demand” for their products, and it does not have “any material direct exposure to any potential increases in tariffs”.
“In general, demand for our products has remained resilient in prior periods of weaker economic growth, reflecting their low price point and low-average spend per customer, as well as our large number of regular players,” noted Allwyn.
