Lottery operator Allwyn and Greece’s OPAP announced on Monday that they will merge in an all-stock transaction valued at €16 billion ($18.6 billion), marking one of Europe’s largest gaming mergers.
The combined company will become the continent’s biggest gambling group and the second-largest globally after Flutter Entertainment, the parent company of Paddy Power and FanDuel.
Allwyn, founded by Czech billionaire Karel Komarek, already owns 51.78% of Athens-listed OPAP and has been on an expansion drive in recent years.
The deal underscores Allwyn’s growing ambitions to consolidate the fragmented European gambling sector and broaden its global reach.
The companies expect to complete the merger in the first half of 2026, pending shareholder and regulatory approval.
The combined entity will be 78.5% owned by Allwyn, with OPAP’s minority shareholders holding the remaining 21.5%.
Structure and listing plans
Under the merger terms, OPAP will transfer its operating assets to newly formed Greek subsidiaries while shifting its statutory seat to Luxembourg.
In return, Allwyn will contribute all its assets—excluding its existing OPAP stake—to the Luxembourg-based company in exchange for newly issued shares.
The merged company will continue to operate under the Allwyn name and will remain listed on the Athens Stock Exchange.
The partners also said they plan to pursue an additional listing in either London or New York following completion.
The group’s registered office will be relocated to Switzerland, where Allwyn is currently based.
Allwyn’s parent company, Komarek’s KKCG investment group, owns 95.73% of Allwyn and is expected to control roughly 85% of the voting rights in the newly combined entity.
Strategic ambitions and leadership
Robert Chvatal, Allwyn’s chief executive, will lead the enlarged group, while Komarek will serve as chairman of the board.
OPAP’s current management team will continue overseeing operations in Greece and Cyprus.
Komarek said the merger will “accelerate innovation, strengthen competitiveness, and fuel significant international growth.”
Allwyn has grown rapidly through acquisitions and international expansion.
It operates lotteries across several European countries and officially took over the UK’s National Lottery from Camelot in early 2024 after winning the licence in 2022.
The company reported adjusted EBITDA of €1.5 billion on revenues of €8.8 billion in 2024, representing a 12% increase from the previous year.
The deal with OPAP also supports Allwyn’s push to diversify beyond lotteries.
In September, the company agreed to acquire a majority stake in US fantasy sports operator PrizePicks in a transaction valuing the Atlanta-based firm at $1.6 billion.
Market reaction and outlook
Following the announcement, OPAP shares rose 2.8% in European afternoon trading, while Allwyn’s valuation—excluding its OPAP shares—was pegged at €8.97 billion.
Analysts said the merger enhances scale and synergies, potentially improving access to new markets and creating stronger cross-selling opportunities across Europe and North America.
Founded in 1958, OPAP operates lotteries, sports betting, and gaming machines in Greece and Cyprus.
Allwyn’s decision to consolidate its control reflects a broader trend of European gaming firms seeking size and international presence amid rising regulatory scrutiny and competition.
Komarek’s KKCG took full ownership of the European lottery group Sazka in 2019 before rebranding it as Allwyn, marking the beginning of its global transformation.
The merger with OPAP, industry observers say, could now mark the next defining chapter in that expansion.
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