Allwyn International and OPAP have reached an agreement to merge and create a lottery and gaming business worth an estimated €16 billion ($18.6 billion).
The arrangement has been approved by the boards of both companies and the combined business will operate under the Allwyn brand. Allwyn will hold a 78.5% economic interest in the new-look company, with OPAP taking 21.5%.
The transaction will build on an existing partnership, dating back to 2013 when KKCG, the controlling shareholder of Allwyn, first invested in OPAP.
At present, Allwyn owns 51.78% of the total holding in OPAP.
Subject to closing conditions, including approval from Greece’s Hellenic Gaming Commission, the merger will close in H1 of 2026.
After completion, the business will remain listed on the main market of the Athens Stock Exchange. There are also plans to list on another global international exchange such as London or New York.
What will the Allwyn-OPAP business look like?
Allwyn and OPAP said the merger will create the second largest listed gaming entertainment company in the world.
On Allwyn’s part, the company said it represents the “natural next milestone” in its journey. It said a public market listing will unlock access to equity capital markets for future growth.
As for OPAP, Allwyn said the deal safeguards its long-term value, with OPAP shareholders to benefit from wider growth opportunities. Independently, OPAP has made a strategic decision to change its consumer brand from OPAP to Allwyn as of Q1 2026.
In agreement with Allwyn, OPAP will “hive down” its business to new Greek subsidiaries and transfer its statutory seat to Luxembourg.
Allwyn will contribute its assets and liabilities in consideration for newly issued shares in LuxCo, forming the combined business. The new-look business will subsequently re-domicile to Switzerland, where Allwyn is headquartered.
Noted highlights of the combination include positioning the new-look business to capitalise on key industry trends. With this comes double-digit projected EBITDA CAGR from 2024 to 2026, substantially higher than OPAP on a standalone basis
Allwyn also referenced digitalisation, in particular ownership of key technologies, proprietary content and AI capabilities. This, it said, will reduce dependency on third parties and help to accelerate innovation and time-to-market. The company also spoke of diversification and “significant strategic optionality” in markets around the world.
Chvatal takes the helm
Current Allwyn CEO Robert Chvatal will lead the combined company as CEO. He will be supported by Allwyn CFO Kenneth Morton, who will remain in his present role.
OPAP’s current management team, led by Jan Karas as CEO and Pavel Mucha as CFO, will head up OPAP’s operations in Greece and Cyprus.
Karel Komarek will chair the business with an eight-person board. This will include the six existing Allwyn directors and two newly appointed independent non-executive directors.
“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.”
OPAP CEO Karas added: “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.”
“For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment,” Komarek said. “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 continues to evolve
The merger marks the latest major development at Allwyn as part of its wider growth plans.
Just a few weeks ago, it announced the acquisition of a majority stake in daily fantasy sports (DFS) operator PrizePicks. The deal provides Allwyn with access to the US DFS and betting space. Its only other link to the US market is via its Illinois Lottery operation.
The company also recently established its new Allwyn Digital division. Led by ex-Betfred US CEO Kresimir Spajic, the business aims to evolve Allwyn in a more digitally led way, providing bettors with engaging experiences.
Aside from this, Allwyn carried out a major tech overhaul of the UK National Lottery, which it took control of in February last year. This included upgrading over 43,500 retail partners to new terminal software and a new platform.
As for Allwyn’s next move, the group could look to utilise the OPAP merger to take ownership of Betano. Allwyn took an initial 36.75% holding in Betano – which is majority owned by OPAP – in April 2022.
With OPAP now merging with Allwyn to become a combined business, the latter may see swallowing up Betano as the next, logical step in its expansion strategy.
Allwyn will have a 78.5% economic interest in the company, with OPAP holding 21.5%.