Multi-national lottery operator Allwyn now holds a 70 per cent interest in Instant Win Gaming having completed its investment.

IWG’s co-founders, Rhydian Fisher and Simon Bucknall, will retain their roles as IWG’s CEO and COO, respectively.

The news comes just as Allwyn shared its preliminary, unaudited financial results for the period ending June 30, 2024.

Total revenue for the period reached €2.15bn in the quarter, a five per cent year-on-year increase, and an adjusted EBITDA of €340m, an 11 per cent decrease.

“I am pleased to report another quarter of continued progress and solid financial performance, reflecting continued execution of our growth strategies,” said Allwyn CEO Robert Chvatal.

“We delivered good top line momentum and solid growth in profitability in most geographies, with our overall financial performance reflecting the new incentive and profitability mechanism under the new licence in the United Kingdom.

“Total revenue increased five per cent year-on-year, with strong organic growth in Austria, the Czech Republic and Greece and Cyprus. The expansion of the digital channel was once again a key driver of the good performance in these geographies, while our teams’ focus on product development and innovation continued, with another quarter of launches of new games and content.

"The quarter also included the start of the Euro 2024 and Copa America tournaments, which supported a very strong performance in sports betting.

“Overall, I am pleased with our continued progress and believe we are well-placed for the remainder of 2024 and the next chapters of our growth story.”

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