Allwyn will no longer proceed with its acquisition of a 51% stake in Novibet following a review by the Athens-based Hellenic Competition Commission (HCC).
In a statement released on Wednesday, 4 March, Allwyn announced the pair had “jointly decided to withdraw their previously announced transaction”.
Allwyn announced in December 2024 it had agreed to acquire a 51% stake in Novibet parent company Logflex MT Holding for an initial cash payment of €217m.
The deal also included €110m in earnouts based on performance.
Novibet is a Greek operator with a presence in several European and Latam markets.
The firm has more than 1,000 employees, operates its own tech stack and in run by its founding team.
Allwyn had planned to run Novibet as a separate business under its existing brand and management team.
An Allwyn statement read: “While Allwyn and Logflex MT Holding set out carefully considered proposals to the HCC, Allwyn is committed to only pursuing transactions that would deliver clear value for shareholders.
“Allwyn and Logflex MT Holding therefore no longer expect the previously announced transaction to proceed.”
Since December 2024, Allwyn has taken a 62.3% majority stake in US-facing DFS and prediction markets operator PrizePicks for an upfront fee of $1.6bn.
The deal, which was announced in September 2025, includes a further $1bn in earnouts for the Atlanta, Georgia-based firm.
Then, in October, Allwyn announced it would combine with its subsidiary OPAP to create the world’s second-largest public lottery and gaming operator.
The combined business’ equity value will be €16bn, it was reported at the time of the deal. Allwyn previously owned 51.78% of OPAP.
The combined entity will list on the Athens Stock Exchange. There are plans to pursue an additional listing in either New York or London.
During OPAP’s Q4 earnings call on Tuesday, 3 March, CEO Jan Karas deflected questions from analysts regarding the Novibet transaction.
He said: “When it comes to Novibet and the HCC, this is something for our Allwyn colleagues to comment on. We don’t have any comments or updates on the developments there.”
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The post Allwyn scraps €327m Novibet deal after Greek competition authority review first appeared on EGR Intel.
Lottery and gaming giant has acquired PrizePicks and merged with subsidiary OPAP since acquisition was announced in December 2024
The post Allwyn scraps €327m Novibet deal after Greek competition authority review first appeared on EGR Intel.