Allwyn: OPAP Merger to Shape the Future of iGaming

(AsiaGameHub) –   Allwyn AG has finalized the business merger of Allwyn International AG and OPAP to establish the second-largest listed lottery and gaming operator, a transaction it believes can shape the future of the iGaming industry.

The deal was first unveiled in October last year, proposed as an all-share transaction valuing the combined entity at €16 billion in equity. Allwyn has now integrated its lottery and gaming business with the Greek firm’s operations in Greece and Cyprus, with OPAP rebranding its consumer-facing brand to Allwyn.

This move also builds on a longstanding partnership between the two entities, which began in 2013 when KKCG Group first invested in OPAP. The company already held a 51.8% stake in OPAP prior to this latest transaction.

Anticipated outcomes for the combined company in driving growth and shareholder returns include:

• Leading market positions across multiple geographies and product lines.
• Diversification by region, product, and channel.
• Advanced technological, content, digital, and innovation capabilities.
• A robust financial profile and resilient cash generation.
• A focus on responsible gaming and contributions to good causes.

Karel Komarek, Founder and Chair of Allwyn and KKCG, stated: “Today, Allwyn enters a new chapter—one that builds on the momentum already defining our business.

“Over the past 13 years, we have demonstrated the significant and sustainable value we generate for shareholders, for society, and through the experiences we provide to players. This progress has been rooted in partnership, trust, and a genuine dedication to innovation.

“Allwyn possesses exceptional potential in the fast-evolving realm of consumer entertainment, and we have the strategic clarity, scale, capabilities, and ambition to shape the future of the industry.”

OPAP’s shareholders approved the transaction during an extraordinary general meeting in January 2026, with more than 93% of OPAP’s share capital remaining invested in the combined company after limited exercise of shareholder exit rights.

“Allwyn has exceptional potential in the rapidly evolving world of consumer entertainment, and we have the strategic clarity, scale, capabilities and ambition to define the future of the industry.”

Karel Komarek, Founder and Chair of Allwyn and KKCG

Allwyn is projected to have 770,799,070 shares outstanding—excluding treasury shares—once the company completes the purchase of shares from shareholders who exercised their cash exit rights.

Of these shares, 22% will form the free float, with the remaining shares continuing to be held indirectly by KKCG. Allwyn retains its intention to pursue an additional listing on another international stock exchange.

Robert Chvatal, Allwyn CEO, added: “This marks a major strategic milestone for Allwyn, and we begin our journey as a publicly listed global leader with a strengthened platform, enhanced financial flexibility, and a world-class team.

“We are highly confident that our leading market positions, high level of diversification, and strong cash generation position us well to drive sustainable growth and ongoing value creation as we invest in innovation and future opportunities across our markets.

“I would like to thank our shareholders, employees, and regulators for their support as we unite two best-in-class organizations to create the second-largest listed lottery and gaming operator globally.”

Allwyn structure

Allwyn intends to distribute €0.80 per share to shareholders following the completion of share purchases related to the cash exit right, with a scrip option available and further details to be released soon.

The company also expects to relocate its domicile from Luxembourg to Switzerland by the end of Q2 2026.

Komarek will chair Allwyn, with Chvatal and Kenneth Morton continuing in their respective roles as CEO and CFO. OPAP CEO Jan Karas and CFO Pavel Mucha will remain at the helm of OPAP’s operations in Greece and Cyprus.

The eight-member board of directors will include six existing Allwyn directors—including Komarek—along with two newly appointed independent non-executive directors.

Novibet exit

The OPAP deal was not Allwyn’s only pending transaction, as the company has been seeking to acquire a 51% stake in Novibet since December 2024.

However, the Hellenic Competition Commission opposed the deal, prompting the company to terminate the transaction with Novibet’s owner, Logflex MT Holding Limited.

The company stated: “While Allwyn and Logflex MT Holding Limited put forward carefully considered proposals to the HCC, Allwyn is committed to pursuing only transactions that would deliver clear value to shareholders.

“Allwyn and Logflex MT Holding Limited therefore no longer expect the previously announced transaction to proceed.”

Allwyn also completed its majority acquisition of PrizePicks in the US earlier this year, securing a 62.3% majority stake in the company for approximately $1.6 billion.