The boards of directors of the international lottery company Allwyn and the Greek gaming and lottery holding OPAP have approved a merger between the two companies. The merged entity will retain the name Allwyn.
Allwyn already owns 51.78% of OPAP’s shares and will remain the majority shareholder in the new company, holding a 78.5% stake. The remaining 21.5% will go to OPAP’s other shareholders (excluding Allwyn). The KKCG Group will control 85% of the voting rights after the merger. KKCG previously held 95% of Allwyn and led the initial investment in OPAP. Its founder, Karel Komarek, will serve as chairman of the board at both KKCG and Allwyn.
The merged company will initially remain listed on the Main Market of the Athens Stock Exchange, but Allwyn plans to seek an additional international listing – most likely in London or New York – once the deal is completed.
Allwyn described the merger as a “major milestone” for both firms, emphasizing that the combination creates the world’s second largest publicly listed gaming entertainment company. The company views this step as a foundation for further growth across Europe, the United States, and other regions.
“Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” said Komarek. “For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.
“The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth.
“We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”
The new company’s total valuation stands at €16 billion, reflecting Allwyn’s global scale and OPAP’s dominant position in Greece. OPAP is the country’s leading sports betting brand and operator of the National Lottery. It is worth noting that a new lottery license is soon to go to tender, with OPAP and Brightstar among the main contenders.
In the first half of 2025, Allwyn’s revenue grew by 6%, from €4.25 billion in H1 2024 to €4.5 billion, while EBITDA increased by 4%, from €698 million to €728 million.
The combined company’s balance sheet makes it the second-largest publicly listed gaming firm in the world after Flutter Entertainment, and the largest publicly listed lottery company globally. Allwyn’s portfolio includes national lottery contracts in the UK, Czech Republic, Austria, Greece, and the Illinois Lottery in the United States.
Allwyn and OPAP forecast rapid growth, noting that the combined pro forma EBITDA for the 12 months ending June 30, 2025, amounted to €1.9 billion, with a double-digit EBITDA CAGR expected for 2024–2026.
Jan Karas, OPAP CEO, said: “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece.
“I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”
The merger will give OPAP access to significantly greater financial resources from Allwyn, as well as its technological and marketing capabilities.
Additionally, the deal cements Allwyn’s position as a key player in the Greek betting market. The company already holds a stake in Kaizen Gaming (operator of Betano) and is close to securing a controlling share in Novibet — a development that may draw the attention of competition regulators.
Now valued at €16 billion, Allwyn intends to advance its strategy of becoming a “lottery-led entertainment group”with a strong presence in sports betting and related segments of the gaming industry.
Its involvement in Greek betting firms confirms this direction, though Allwyn’s most notable expansion efforts are taking place in the US. The sharp rise in valuation following the OPAP merger may make a US IPO a more realistic prospect.
The deal follows Allwyn’s September acquisition of PrizePicks, one of the largest Daily Fantasy Sports (DFS) operators in the US, for $1.6 billion. The acquired company is entering the sports predictions market, though analysts have noted potential risks linked to the current regulatory environment surrounding such platforms.
“I think in the DFS space they’re pretty safe, it’s the predictions market piece that to me is the uncertainty,” said SBC’s Managing Editor, Jess Wellman, on the iGaming Daily podcast.
“Are you going to jeopardise your DFS market position in regulated states? Is this going to be something that is long term, something that is viable? Or is it a two or three year fad that is going to get killed in the courts?
“I nonetheless think it’s a smart acquisition because the tech is there. They know how to appeal to players, and even if the play is not sports betting related you’ve still got a major and well-recognised company in the US that’s going to make an IPO for you even more lucrative.”
Regarding leadership, things will remain more or less as they are. The new group will continue to be chaired by Komarek, while Robert Chvatal and Kenneth Morton will continue as CEO and CFO of Allwyn in its enlarged form, respectively.
Jan Karas, meanwhile, will continue to lead OPAP in Greece and Cyprus as CEO, alongside Pavel Mucha as CFO. It seems then that OPAP may be forming the basis for Allwyn’s regional operations there, with Greece in particular, as noted above, a key market for the firm.
“This transaction marks a further milestone in Allwyn’s successful journey,” Chvatal said.
“Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation.
“With this combination, we will be able to grow further, faster as we deploy Group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”
Don’t forget to subscribe to our Telegram channel!
