Allwyn Investor Update
Simplified business model for UK
Key P&L drivers
A
B
A
D
E
Amounts
wagered
Players
winnings
Contribution
to good causes
O-D-=
●
Costs
●
B C Gross Gaming Revenue (GGR)
Lottery
duty
●
Amount of wagers placed by customers
●
Winners' pay-outs
-GH EBITDA
Contribution to good causes calculated as Surplus¹ (incl. fixed contribution from licencee) less
actual licence share of Surplus
Net Gaming Revenue (NGR)
Calculated as tax base (amount staked) multiplied by rate
Opex
SG&A
(from February 2024)
●
●
Agent commission (variable, calculated as a % of amount staked / NGR)
IT costs from gaming suppliers (partially fixed, partially linked to GGR or NGR)
Other expenses include rental, content fees and other expense (fixed)
Personnel expenses
Marketing expenses (flexible in medium term)
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1) Surplus calculated as NGR before contribution to good causes less total opex and implementation adjustments, plus non-eligible costs.
●
Cost recovery mechanism also allows
recovery of most up-front costs over the
course of the licence
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