OPAP has secured full ownership of Greek- and Cyprus-facing operator Stoiximan following the acquisition of the remaining 15.51% of the company.
The Allwyn subsidiary snapped up the last of the Stoiximan shares after paying €191.6m (£165.8m).
Completion of the acquisition is expected to come in Q3 2025, subject to Cypriot regulatory approvals.
The deal, which bolsters OPAP’s status as a market leader in Greece and Cyprus, comes seven years on from the operator snapping up its initial 36.75% stake in Stoiximan back in 2018.
Two years later, OPAP increased its holding in the company to 84.49%, taking majority ownership in the process.
At the time, Kaizen Gaming, which operated Stoiximan in Greece and Cyprus, oversaw operations on a B2B basis. Kaizen Gaming also runs the global Betano brand.
Allwyn said the transaction was in line with the company’s strategy of “increasing its interest in existing operations that are not wholly owned”, as well as increasing its presence in “high-growth online sports betting and igaming segments”.
OPAP has confirmed Stoiximan will continue to operate as a separate entity.
Jan Karas, OPAP CEO and chair, said: “The investment in Stoiximan has greatly contributed to solidifying OPAP’s position in the Greek and Cypriot online markets.
“I am therefore very pleased with the recent transaction, which further expands our footprint in the fast-growing online market.
“Looking forward, we are confident that our dual brand strategy will remain effective and both our brands, Stoiximan and Pamestoixima.gr, will sustain their growth momentum.”
Nikos Fligos, Stoiximan CEO, added: “This milestone marks the start of a new chapter in Stoiximan’s journey.
“With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”
Fligos was named as Stoiximan CEO earlier this month, following the departure of former CEO and co-founder George Daskalakis after more than 13 years at the helm.
Daskalakis will continue to serve as Kaizen Gaming CEO.
Prior to his promotion to CEO, Fligos had served as managing director of Stoiximan since November 2024, after previously working as commercial director for the wider Kaizen Gaming group.
He has also had previous spells with tobacco company Philip Morris International and Coca-Cola Greece.
Late last year, EGR spoke exclusively to Daskalakis at Kaizen Gaming’s Athens HQ where he recalled the early stages of Stoiximan.
In other Allwyn news, the operator has confirmed the sale of its land-based casino assets in Germany, as well as an agreement to part ways with its casino assets in Australia, with gross proceeds expected to total €105m.
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Greek operator pays €191.6m for remaining 15.51% stake of former Kaizen Gaming-owned brand, with Stoiximan CEO hailing the deal as a “new chapter”
The post OPAP acquires remaining Stoiximan shares to take full ownership first appeared on EGR Intel.