Fitch Ratings affirmed Allwyn’s BB credit rating and maintained its Outlook at stable, judging that the group’s credit profile remains consistent with its current rating.
The main new risk under review by the agency is the temporary ban on online sports betting and online gambling in Brazil, imposed on 25 September. The development affects Allwyn indirectly, as it owns 36.75% of Kaizen Gaming, the owner of Betano.
Fitch notes that Allwyn has no direct operating exposure to the Brazilian market, although its credit metrics are supported in part by dividends from Kaizen Gaming.
Limited impact on leverage
In its base case, Fitch expects the current 120-day suspension to have a limited impact on leverage and cash flow generation in 2026-27.
By contrast, a possible extension of the restrictions through 2027-29 would constitute a downside scenario, in which the net debt-to-EBITDAR ratio could rise to around 4.5 times, reducing headroom against the rating thresholds. However, the agency does not expect the relevant rating sensitivity thresholds to be breached and therefore sees no immediate pressure on the BB rating.
Among the positive factors, Fitch says free cash flow before dividends remains positive, supported by the completion of the transaction with OPAP and the consolidation of the cash flows resulting from it.
Investment commitments and Lottoitalia
Meanwhile, the acquisition of a 62.3% stake in PrizePicks strengthens the group’s scale and online presence, while also increasing its regulatory exposure to the US market.
Near-term cash requirements include a payment of €465 million for the Lottoitalia licence in 2026, while shareholder distributions are expected from 2027. Despite these demands, Fitch expects Allwyn’s credit metrics to improve thereafter.