In what would mark a major transformation for the lottery sector, the €16bn merger of Allwyn and OPAP has taken a “crucial step” forward.
Developments continue as the respective Boards of Directors approved the waiver of a cash exit condition.
Following the decision, shareholders who opposed the planned merger between the two companies during voting at OPAP’s Extraordinary General Meeting on 7 January will be entitled to cash compensation of €19.04 per share.
According to Allwyn, over 50 million OPAP shares hold the exit right. Previously, the company detailed that the merger was conditional on shareholders who exercised their exit rights representing less than 5% of OPAP’s total share capital.
Once final regulatory approvals are achieved, the merger is expected to be completed in the first half of 2026.
‘Natural evolution’
News of Allwyn’s merger with OPAP, Greece’s largest gaming operator, was first announced in October 2025, as the pair sought to strengthen their “leading market positions” across Europe and North America, as well as diversify their offerings across lottery, sports betting and iGaming.
Allwyn’s interest in OPAP has been longstanding, having initially begun in 2013 when the company’s controlling shareholder, KKCG, invested in the Greek lottery operator, and OPAP’s CEO described the merger as the “natural evolution” in the pair’s relationship.
“The combination of OPAP with Allwyn will create a global lottery and gaming player, listed in Greece, with compelling scale, diversification and growth prospects,” he added.
Alongside operating the Greek lottery, OPAP also holds exclusive rights for land-based sports betting and video lottery terminals (VLTs) in the country. Meanwhile, the company has also expanded into Cyprus, where it operates the island’s lottery.
“This transaction represents another important step forward in Allwyn’s evolution,” added Allwyn’s CEO, Robert Chvatal.
“Over the past thirteen years, we have transformed from a fast‑growing challenger into a diversified international leader with a strong track record of innovation and delivery. We are entering our next chapter with even greater ambition and confidence.”
According to Allwyn, the combined company is expected to remain eligible for both MSCI and FTSE emerging market indexes. However, Allwyn has confirmed that it will also be pursuing an additional listing on an as-yet-unnamed international exchange to “enhance liquidity and visibility”.
North American expansion
The latest progress update is another step in Allwyn’s aggressive expansion ambition for 2026.
Last week, the firm announced the closing of a deal to acquire a 62.3% stake in PrizePicks, in an acquisition valued at approximately $1.5bn, but also includes potential for additional cash compensation if PrizePicks meets specific performance-based benchmarks.
The deal marks a significant boost to Allwyn’s North American presence, after previously entering the Illinois gaming market as a supplier in 2023 through the acquisition of Camelot Lottery Solutions.
