Allwyn drops Novibet takeover bid
Allwyn International’s proposed acquisition faced opposition from Greece’s gambling regulator.
Greece.- Allwyn International, the international wing of the former Sazka, has stepped back from its planned acquisition of Novibet after feedback from the Hellenic Competition Commission (HCC). The company confirmed today that, despite Allwyn and Novibet’s parent Logflex MT Holding Limited submitting “carefully considered proposals” to the Greek gambling regulator, the deal is no longer expected to move forward.
Allwyn explained that the decision was taken “in light of feedback received from the HCC.” It’s been reported that the Greek regulator had raised concerns about competition impacts from the deal. Remedies discussed during the process were ultimately seen as insufficient to preserve the deal’s value, prompting Allwyn and Logflex to jointly withdraw the proposed transaction.
Novibet holds the second-largest share of Greece’s licensed online sports betting market, estimated at around 19 to 20 per cent, while Allwyn already has a major presence through its majority stake in OPAP. Announced in October, a merger of Allwyn and OPAP is expected to close in the first half of the year, creating what will be the world’s second largest publicly listed lottery operator.
Allwyn had announced plans to buy a 51 per cent controlling stake in Logflex MT Holding Limited back in December 2024. The agreement included an upfront cash payment of €217m and up to €110m in performance-based earnouts.
At the time, Allwyn CEO Robert Chvatal had highlighted the strategic potential of the deal: “The innovation potential of this transaction is substantial as we look to give our customers access to the very best experience in online sports betting and gaming. Novibet has a world-class team and we look forward to capitalising on the international opportunities ahead.”
Completion had been targeted for the second half of 2025, but the HCC’s review took longer than expected. Any future agreement is likely to involve significantly different terms.
