Allwyn AG has completed the business combination of Allwyn International AG and OPAP to create the second‑largest listed lottery and gaming operator, a deal it believes can define the future of the iGaming industry.
The transaction was first announced in October last year, pitching an all-share transaction that values the resulting entity at an €16bn equity value. Allwyn has now merged its lottery and gaming business with the Greek company’s Greece and Cyprus operations, with OPAP changing its consumer brand to Allwyn.
It also builds on a long‑standing partnership between the two parties, which initially began in 2013, when KKCG Group first invested in OPAP. The company already controlled 51.8% of OPAP before this current deal.
Expectations of the combined company to achieve growth and shareholder returns include:
- Leading market positions across several geographies and products.
- Diversification by geography, product and channel.
- Advanced technology, content, digital and innovation capabilities.
- Strong financial profile and resilient cash generation.
- Responsible gaming focus and good causes contributions.
Karel Komarek, Founder and Chair of Allwyn and KKCG, noted: “Today, Allwyn moves into a new chapter – one that builds on the momentum that already characterises our business.
“Over the past 13 years, we’ve shown the significant and sustainable value we create for shareholders, for society and through the experiences we deliver to players. That progress has been grounded in partnership, trust and a genuine commitment to innovation.
“Allwyn has exceptional potential in the rapidly evolving world of consumer entertainment, and we have the strategic clarity, scale, capabilities and ambition to define the future of the industry.”
OPAP’s shareholders approved the transaction during its extraordinary general meeting in January 2026, with more than 93% of OPAP’s share capital remaining invested in the combined company after the limited exercise of shareholder exit rights.
“Allwyn has exceptional potential in the rapidly evolving world of consumer entertainment, and we have the strategic clarity, scale, capabilities and ambition to define the future of the industry.”
Karel Komarek, Founder and Chair of Allwyn and KKCG
Allwyn is expected to have 770,799,070 shares outstanding, excluding treasury shares, once the company completes the purchase of shares from shareholders who exercised their cash exit right.
Of these shares, 22% will constitute the free float, with the remaining shares continuing to be held indirectly by KKCG. Allwyn still has the intention to pursue an additional listing on another international stock exchange.
Robert Chvatal, Allwyn CEO, added: “This is a major strategic milestone for Allwyn, and we start our journey as a publicly listed global leader with a strengthened platform, enhanced financial flexibility and a world-class team.
“We are very confident that our leading market positions, high degree of diversification, and strong cash generation position us well to drive sustainable growth and continued value creation as we invest in innovation and future opportunities across our markets.
“I would like to thank our shareholders, employees and regulators for their support as we bring together two best‑in‑class organisations to create the second‑largest listed lottery and gaming operator globally.”
Allwyn structure
Allwyn intends to distribute €0.80 per share to shareholders, following the completion of share purchases related to the cash exit right, with a scrip option to be available and further details to be published soon.
The company also expects to redomicile from Luxembourg to Switzerland before the end of Q2 2026.
Komarek will chair Allwyn, with Chvatal and Kenneth Morton continuing in their respective roles of CEO and CFO. OPAP CEO Jan Karas and CFO Pavel Mucha will continue to lead OPAP’s operations in Greece and Cyprus.
The eight-person board of directors will feature six existing Allwyn directors, including Komarek, as well as two newly appointed independent non-executive directors.
Novibet exit
OPAP wasn’t the only deal that Allwyn had in the pipeline, as the company has had its eye on acquiring a 51% stake in Novibet since December 2024.
However, the Hellenic Competition Commission objected to the deal, resulting in the company terminating the transaction with Novibet’s owner, Logflex MT Holding Limited.
The company said: “While Allwyn and Logflex MT Holding Limited 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 Limited, therefore, no longer expect the previously announced transaction to proceed.”
Allwyn also completed its majority acquisition of PrizePicks in the US at the beginning of the year, securing a 62.3% majority stake in the company for approximately $1.6bn.
