Allwyn acquires OPAP to launch a new lottery operator
On October 13, Allwyn International and OPAP announced a merger to create a leading global gaming operator. The new operator will specialise in lotteries and have a market value of €16 billion.
The boards have approved the deal of the directors of Allwyn and OPAP.
Agreement based on successful cooperation
This agreement brings together two leading gaming operators and creates the second-largest public gaming and entertainment company in the world. The operator is expected to take a leading position in the European and North American markets.
The agreement is based on more than a decade of successful partnership: KKCG, the controlling shareholder of Allwyn, first invested in OPAP in 2013. Allwyn currently owns more than half of the shares in the Greek gaming and lottery operator.
The transaction is being carried out exclusively through a share exchange, valuing the combined company at €16 billion.
The combined strength and scale of multi-billion-euro businesses
According to Karel Komárek (pictured), founder and chairman of Allwyn and KKCG, today’s announcement redefines the sector, signalling the creation of the second-largest global public company in the gaming industry. He invites investors to join in shaping the future of entertainment:
‘The combined strength and scale of these multi-billion dollar businesses, Allwyn’s vast customer base and ongoing investment in technology and content will accelerate innovation and drive significant international growth. Our mission is to build a leading global gaming company, and today’s deal brings us closer to that goal.’
This agreement not only raises the profile of Allwyn’s global platform. Upon completion of the transaction, the combined company will remain listed on the Athens Stock Exchange, and the public market listing opens up access to equity capital markets for the company’s future growth. Allwyn will be able to list on another major international exchange, such as London or New York.
OPAP changes consumer brand to Allwyn
OPAP has announced a strategic rebranding: from the first quarter of 2026, the company will transition to the Allwyn consumer brand. The asset merger deal will create a new structure with its legal headquarters in Luxembourg (LuxCo) and subsequent re-registration in Switzerland, Allwyn’s current centre.
Allwyn, controlled by KKCG (95.7%) and J&T Arch (4.3%), will contribute its assets and liabilities to LuxCo, except its stake in OPAP. In return, the company will receive newly issued shares, forming a combined structure. Upon completion of the transaction, Allwyn will hold 78.5% of the economic interests, and OPAP shareholders will hold 21.5%. Meanwhile, KKCG will receive 85% of the voting rights.
Allwyn CEO Robert Chvatál called the merger a new milestone in the company’s development: ‘We will be able to grow faster by leveraging shared know-how, a unified brand strategy, internal technologies, and content.’ He and Allwyn CFO Kenneth Morton will remain in charge of the merged company. OPAP will continue its operations in Greece and Cyprus under the leadership of Jan Karas and Pavel Mucha. The board of directors will consist of eight members, including six representatives from Allwyn and two independent directors.
The company’s financial policy provides for stable dividends:
- €0.5 per OPAP share in November 2025;
- €0.8 after the transaction completion;
- from €1 annually starting in 2026, with the possibility of a scrip option.
Special dividends and share buybacks are also being considered.
The merger is subject to shareholder approval at a general meeting scheduled for the fourth quarter of 2025 or the first quarter of 2026.
Betting on global dominance
In parallel with the restructuring of OPAP in Europe, Allwyn is acquiring companies to expand its global coverage: fantasy operator PrizePicks and provider Novibet. These deals are also part of Allwyn’s business diversification strategy: the company is moving beyond lotteries and strengthening its presence in the sports betting and online casino segments.
PrizePicks is the largest daily fantasy sports (DFS) operator in North America. The acquisition of its controlling stake was Allwyn’s most significant investment in the American market. As a company representative said in an interview with SiGMA News, Allwyn’s fantasy products will be focused on the US market in the near future.
At the end of last year, Allwyn acquired a controlling stake in Novibet’s parent company, Logflex MT Holding Limited, expanding its presence in online gambling. It was allowed to leverage the existing Novibet brand and the expertise of more than 1,000 employees working in offices in Brazil, Greece, and Malta. The operator is well known in markets such as Brazil, Cyprus, Greece, Ireland, and Mexico.
This article was first published in Russian on 13 October 2025.
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