Allwyn and OPAP merger to create new gambling giant
The combined Allwyn and OPAP will be the world’s second biggest publicly traded lottery company.
Greece.- Allwyn and OPAP have announced the agreement of a €16bn merger under the Allwyn name. Allwyn, which runs the UK National Lottery and has majority stakes in PrizePicks and Instant Win Gaming, already holds 51.78 per cent of the Greek gambling operator. The Czech group will increase its ownership to 78.5 per cent with remaining OPAP shareholders to retain 21.5 per cent.
The merger will create the world’s second biggest publicly traded lottery company, with lottery operations in the UK, Austria, Czech Republic, Greece, and Illinois in the US. It will be the second-biggest publicly traded gambling company behind Flutter Entertainment.
The newly combined company will remain listed on the Athens Stock Exchange and plans a secondary listing in either London or New York following the deal’s completion. KKCG Group will hold 85 per cent of voting rights, with its founder, the Czech billionaire Karel Komarek, continuing to chair KKCG and Allwyn.
Robert Chvatal and Kenneth Morton will remain as CEO and CFO of Allwyn, respectively, while Jan Karas and Pavel Mucha will retain the same positions in OPAP, suggesting that the Greek operator could become an umbrella for regional operations.
OPAP is currently competing in the tender to retain the Greek national lottery licence. Its Hellenic Lotteries has run the state lottery since it began in 1990 and also runs sports betting in the country.
Allwyn, which was previously named Sazka, has described the transaction as a “major milestone”, positioning the firm for further expansion across Europe, the US and other international markets. The move builds on a presence in Greek betting that includes stakes in Kaizen Gaming (Betano) and Novibet.
“Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” Komarek said. “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.”
Allwyn International has been building its presence internationally since winning the UK National Lottery tender from the Gambling Commission. It moved its registered office to Switzerland last year. Under the Allwyn – OPAP merger agreement, OPAP will hive down its business to new Greek subsidiaries and transfer its statutory seat to Luxembourg under LuxCo.
Allwyn, which is 95.73 per cent owned by KKCG and 4.27 per cent by J&T Arch, will contribute its assets and liabilities excluding the shares it currently holds in OPAP for newly issued share, forming the combined company, which will subsequently re-domicile to Switzerland and will be renamed as Allwyn.
Allwyn will receive €8.8m in newly issued ordinary registered voting shares in LuxCo at an implied value of €20.12 per share, and €161m in newly issued preferred registered voting shares.
Allwyn reported revenue of €4.5bn for H1, up 6 per cent year-on-year. EBITDA rose 4 per cent to €728m. It projects pro forma EBITDA of €1.9 billion for the 12 months ending June 2025 and targets double-digit EBITDA CAGR through 2026.
For the first quarter of the year, OPAP reported revenue growth of 8.2 per cent year-on-year to €595m. Online gambling was the biggest driver, with igaming revenue up by 19.8 per cent year-on-year to €85m, but lottery operations were still OPAP’s main segment, generating 34.7 per cent of GGR at €207m.
