On 13 October Allwyn – a company founded in the Czech Republic and controlled by Czech billionaire Karel Komárek through his investment group KKCG – announced it had acquired the remaining 48% stake in Greece’s national lottery and betting operator OPAP. The buyout firmly consolidates Europe’s largest lottery operator under one roof.
The newly combined business is valued at around €16 billion. In an era when European gambling operators are scrambling to keep pace with regulatory changes, technological disruption and the need for scale, this deal could be seen as both a defensive manoeuver and a bold strike forward.
Although anticipated – Allwyn first invested in OPAP in 2013 – the full buyout marks a watershed moment not only for the companies involved but for the European gambling sector as a whole.
As Ben Robinson, an M&A advisor at Corfai Capital, puts it: “This is a mega-deal in a sector that has historically been sleepy. Allwyn is proving that a lottery company can act like a high-growth tech firm.”
The deal transforms Allwyn, which changed its legal status to a Swiss-based entity in October 2024, from a regional lottery operator into a vertically integrated, multi-product juggernaut with operations across Europe and ambitions to conquer the US.
It becomes the second-largest listed gaming group globally with pro forma EBITDA of €1.9 billion amid double-digit growth. It trails behind only Flutter Entertainment, whose 2025 EBITDA is projected at around $3.3 billion.
A decade-long courtship
Allwyn’s relationship with OPAP spans over a decade. The group, formerly known as Sazka, took an initial stake in 2013 and gradually deepened its involvement before increasing its stake in OPAP to 48.1% in 2022. This full acquisition is not a shotgun marriage but, as Robinson called it, “a decade-long courtship” during which Allwyn dissected OPAP’s business and built a shared technology roadmap.
Ed Birkin of H2 Gambling Capital frames the move as a natural evolution rather than a surprise. “They already owned 52% of OPAP, so acquiring the remaining 48% isn’t something that is overly surprising or unusual,” he says.
What matters is not the transaction itself but what it enables: a strategic leap forward. Birkin notes: “This is the logical next step in the transformation of Allwyn from a Czech lottery operator to a truly global powerhouse in the gambling sector.”
One brand, one tech, one team
At a joint presentation held between Allwyn and OPAP’s exec teams on 12 October Allwyn CEO Robert Chvátal framed the takeover as a milestone in the group’s journey.
“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,” he told analysts.
OPAP’s CEO Jan Karas echoed that ambition, adding the new deal was a springboard for innovation. “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” he said.
“Building the portfolio of attractive games that customers appreciate and bringing innovations is something that we leverage not only from best practices but also practical solutions.”
He also highlighted plans to adopt AI processes across multiple disciplines, noting: “Adopting AI for us is going to happen across multiple disciplines, ranging from customer solutions to platforms and internal productivity.”
The emphasis, according to both executives, is on operational integration: “one brand, one tech, one team.”
Financial appeal for OPAP investors
The detail around tech integration caught Robinson’s attention – particularly Allwyn’s plan to roll out an in-house AI and data analytics platforms across OPAP’s retail operations.
This, he says, could potentially edge out long-time technology partners like Intralot and give Allwyn tighter control over its customer engagement and operational costs.
For OPAP shareholders, it’s not just a change of ownership but a change of trajectory. Robinson points to the dividend yield as a key part of the financial appeal.
“Management promised a minimum €1/share from FY 2026. With OPAP shares trading around €18.7 and a current dividend yield of ~7.6%, this implies a forward yield of about 5% – higher than many US blue-chip dividends,” he explains.
Global listing part of Allwyn‘s global transformation
Allwyn’s takeover of OPAP exemplifies a wider trend of consolidation in the gambling sector, driven by tighter regulations and challenging market economics. Across Europe and beyond, operators are seeking scale and diversification to maintain competitive advantage.
“It’s a smart piece of finance,” says Paul Richardson, an M&A specialist at Partis Solutions. “It ticks a lot of boxes for what they want, which is a listing for Allwyn and then the ability to do bigger and better things in other markets.”
A public listing in Athens gives Allwyn the liquidity and equity currency to pursue more deals, with a possible secondary listing elsewhere on the horizon. During the presentation, Allwyn said it would look to New York or London for its second listing.
Richardson estimates a six‑ to nine‑month window for a US listing, but points out that first the group must prove that the business is well-executed and actually achieving the promised benefits before attempting an IPO abroad.
Strengthening OPAP’s position
The deal will also strengthens OPAP’s position, says Birkin. “With the market consolidating to a number of large, global operators, being part of this is going to position them better for the future than being a standalone single market leader.”
But he believes the actual acquisition of the remaining 48% of OPAP is “pretty irrelevant” in a European or global context.
“I wouldn’t compare this to past deals [of similar size] such as Bwin and PartyGaming, Ladbrokes and Coral, Ladbrokes Coral and GVC, Paddy Power and Betfair – all of those were pretty transformational deals for the industry at the time,” says Birkin.
“For Allwyn, the key part here is that, on the back of its acquisitions of Novibet and PrizePicks, and the other M&A it’s done in recent years, to consolidate the extra earnings from OPAP combined with the public listing, this now really puts them on the map as a global powerhouse,” he adds.
But Robinson does believe that Allwyn´s takeover of OPAP could affect the European market and may force Europe’s state lotteries to either privatise or partner up.
“The line between public lotteries and private bookmakers is blurring. Expect a more competitive, tech-driven European market.”
He compared the deal with France’s FDJ acquisition of Kindred for €2.45 billion in terms of expanding beyond its domestic market, and DraftKings’ $750 million acquisition of digital-lottery courier Jackpocket.
Legal obstacles
If the industry is moving towards scale and diversification, Allwyn wants to lead the charge. The strategy is to position itself as a 360-degree gaming and entertainment platform, combining national lottery licences with sports betting, fantasy and casino offerings.
“By controlling national lotteries, Allwyn secures a wide moat and an easy marketing journey,” says Robinson. “By adding high-growth verticals, it chases Flutter-like multiples.”
PrizePicks, Allwyn’s recent US-focused acquisition, which enters the group into fantasy sports, is part of that ambition – although is not without legal obstacles. The company ceased paid contests in New York because of regulatory issues and paid a $15 million fine. It is also facing a class-action lawsuit in Massachusetts.
Robinson notes: “While the acquisition is a catalyst, Allwyn must navigate legal headwinds before touting PrizePicks to US investors.”
But the stakes are rising. A New York listing is being explored, although the group previously stumbled in the US via a previous SPAC attempt to become listed on the NYSE.
That was back in 2022 when they struck a deal with Cohn Robbins Holdings Corp. The reverse merger was cancelled later that year, as both sides cited unfavourable market conditions. A traditional IPO is more likely today, particularly given the equity value of the €16 billion OPAP deal and its recent foothold in US fantasy sports.
Debt is manageble
The group’s potential global reach, vertical integration and AI capability positions it well for expansion but execution remains the hardest part. Integrating technology stacks, aligning regulatory frameworks and blending corporate cultures are all challenges that must be addressed, industry observers have said.
Debt is manageable for now: pro forma net leverage is around 2.7x EBITDA, with a target of 2.5x. CEO Chvátal reassured investors during the deal presentation that “the secondary listing in Athens will not involve new equity issuance” and that free float – the amount of stock available to the public – will stay about the same.
More takeover deals and buyouts may follow in Allwyn´s quest for domination. As Richardson admits, “I expect Allwyn to carry on doing M&A.”
With OPAP under full control, Allwyn has the scale, story and strategy to compete on the world stage. Now it must deliver.
In a sector racing toward consolidation, Allwyn brings OPAP entirely into the fold and positions itself for global dominance. Analysts review what’s next.