Allwyn International has sold its German and Australian casino assets, while also acquiring full control of Stoiximan, an online betting company operating in Greece and Cyprus.
The divestments mark a shift away from traditional casino operations, with Allwyn stating that the move reflects a focus on core growth markets and verticals with stronger digital potential.
The German deal was completed on July 1 and involved 10 casinos in Lower Saxony, which were previously operated under the group’s Casinos Austria International (CAI) subsidiary.
Allwyn reported gross proceeds of €67.7m, through a €15.2m dividend paid before completion as well as €52.5m in sale proceeds received this month. The German casinos generated €126.4m in revenue last year.
In Australia, the group has accepted an offer for the 42% stake that Casinos Austria holds in the Reef Hotel Casino in Cairns, held through Reef Casino Trust (RCT), which is listed on the Australian Stock Exchange (ASX).
Structured as an off-market cash takeover bid, the transaction is expected to generate approximately €54m for Allwyn, with completion targeted for the first half of 2026, subject to anti-trust and regulatory approvals, and a minimum acceptance of 80% from RCT unitholders.
Allwyn and its partner Accor, which jointly hold more than 71% of the trust, have already backed the bid. In 2024, Allwyn’s share of RCT’s net income was €2.4m.
Both assets are located within Allwyn’s Austria segment, and the sale follows a broader trend among European operators seeking to sharpen their focus on ‘scalable’ and ‘tech-led’ businesses.
The Cairns property is one of only two Allwyn casino venues located outside Europe, the other being in Cairo, Egypt. The remainder are spread through key European markets like Austria, where, as stated above, its Australian casino operations are included under, as well as Italy and Belgium.
Going for Greek growth
Meanwhile, in Greece, Allwyn’s local subsidiary OPAP has agreed to acquire the remaining 15.51% stake in Stoiximan from its founding shareholders. The deal values the outstanding shares at €191.6m on a cash and debt-free basis, with an additional adjustment to be made for net cash at the time of completion.
The transaction is expected to close in Q3 2025, pending approval from Cypriot authorities.
OPAP first took a stake in Stoiximan back in 2018, increasing its shareholding to 84.49% through a series of gradual acquisitions. The brand has consistently posted strong performance, achieving 27% gross gaming revenue growth in 2024 alone.
The purchase will be funded through OPAP’s existing cash and liquidity facilities, with Allwyn also confirming it will present its consolidated balance sheet again to reflect a liability of €205.6m as of 31 March 2025, with a corresponding adjustment to equity. There will be no impact on the group’s income or cash flow statements.
Stoiximan will continue to be reported as part of Allwyn’s Greece and Cyprus segment. The deal supports the group’s broader strategy of increasing ownership in locally dominant operators.
Although primarily a lottery company, operating the likes of the UK, Czech, and Austrian national lotteries, among others, Allwyn has been expanding its presence in sports betting of late.
Greece in particular seems to be a key destination for its betting ambitions. In addition to owning OPAP and increasing its stake in Stoiximan, the firm has agreed to purchase a majority stake in Novibet, also expected to be completed later this year.
Its Greek ambitions may come up against a hurdle soon, though, as the licence tender for the national lottery licence there, held by OPAP, gets underway. Alwyn will likely be confident of winning, however, given OPAP’s solid standing in Greece.
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