A new combined company could be set to change the European and global iGaming landscape after the respective boards of directors of Allwyn and OPAP approved a new business combination.
The combined company will be renamed Allwyn, creating the “second largest listed gaming entertainment company globally” through an all-share transaction that values the resulting entity at an €16bn equity value.
The new Allwyn’s pro forma EBITDA was €1.9bn for the 12 months to 30 June 2025 and it will be listed on the Athens Stock Exchange, with a second listing promised and London or New York were mentioned as possibilities.
The company already controlled 51.8% of OPAP with the relationship dating back to 2013, but it will now merge its lottery and gaming business with the Greek company’s Greece and Cyprus operations. OPAP will change its consumer brand to Allwyn in the first quarter of 2026.
Combined company structure
Through the transaction, OPAP will hive down its business into Greek subsidiaries and transfer its statutory seat to Luxembourg (LuxCo), producing a new holding company that Allwyn will contribute assets and liabilities to.
LuxCo will then re-domicile to Switzerland, the current location of Allwyn’s headquarters, and be renamed Allwyn.
The deal values Allwyn’s contributed assets at €8.97bn. Allwyn will receive €8.806m in new ordinary shares and €161m in preferred shares, which pay a fixed coupon of approximately 5%.
Robert Chvatal, CEO of Allwyn, said: “This transaction marks a further milestone in Allwyn’s successful journey. 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.”
Following the completion of this transaction, Allwyn is expected to have an economic interest of approximately 78.5%, with OPAP shareholders holding 21.5%. Parent company KKCG Group will control around 85% of the total voting rights.
“This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” noted Jan Karas, OPAP CEO.
“I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”
Transaction timeline and management
The transaction’s completion is scheduled for the first half of 2026, subject to shareholder and regulatory approval, including from the Hellenic Gaming Commission, as well as fewer than 5% of OPAP’s shareholders exercising their “exit right” at €19.04 per share.
The combined company will be chaired by KKCG Chair and Allwyn Founder and Chair, Karel Komarek, with Chvatal and Kenneth Morton continuing in their respective roles of CEO and CFO. OPAP CEO Karas and CFO Pavel Mucha will continue to lead OPAP’s operations in Greece and Cyprus.
An eight-person board of directors of the company will feature six existing Allwyn directors, including Komarek, as well as two newly appointed independent non-executive directors.
Komarek stated: “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.”
iGaming Expert Insight: The combination of Allwyn and OPAP has the potential to truly reshape the landscape of iGaming across Europe and beyond, given the combined presence of both companies across verticals – iGaming, lotteries and online sports betting – in multiple markets globally.
Many will view today’s announcement as Allwyn becoming the second biggest gaming operator in the world behind Flutter Entertainment, but whether or not they’ll be able to go toe-to-toe with the latter company to live up to Komarek’s ambition remains to be seen.
