Allwyn and OPAP merge to create €16 billion business with plans for global exchange listing

Summary

Allwyn International and Greece’s OPAP have agreed to merge, creating a combined lottery and gaming business valued at around €16 billion. The boards of both companies have approved the deal; Allwyn will hold a 78.5% economic interest while OPAP will retain 21.5%.

The transaction builds on a long-standing relationship (KKCG, Allwyn’s controlling shareholder, first invested in OPAP in 2013). Allwyn currently owns 51.78% of OPAP. Subject to regulatory approvals including Greece’s Hellenic Gaming Commission, the merger is expected to close in H1 2026.

The combined business will continue listing on the Athens Stock Exchange and plans an additional listing on a major global exchange such as London or New York. Corporate moves include OPAP hiving down Greek operations, transferring its statutory seat to Luxembourg, Allwyn contributing assets to a LuxCo, and the new group re-domiciling to Switzerland (Allwyn’s HQ).

Leadership and governance: Allwyn CEO Robert Chvatal will lead the combined company, supported by Allwyn CFO Kenneth Morton. OPAP’s current management will continue to run the Greece and Cyprus operations. Karel Komarek will chair an eight-person board made up of six Allwyn directors plus two independent non-execs.

Strategic rationale emphasises scale, digitalisation, proprietary technology, AI capabilities, in-house content and faster innovation. Allwyn projects double-digit EBITDA CAGR from 2024–2026 for the combined group, significantly ahead of OPAP on a standalone basis. Recent Allwyn moves referenced in the announcement include the PrizePicks stake, the new Allwyn Digital division, and a tech overhaul of the UK National Lottery. The deal may also clear a path for Allwyn to take full control of Betano in future.

Key Points

Merged company valued at ~€16 billion; Allwyn to hold 78.5% economic interest, OPAP 21.5%.
Deal approved by both boards; expected close in H1 2026 subject to regulatory sign-offs (including Greece).
Combined entity will remain listed in Athens and seeks an additional global listing (London or New York).
Corporate restructuring: OPAP will hive down Greek assets and move its statutory seat to Luxembourg; the merged group will re-domicile to Switzerland.
Robert Chvatal (Allwyn) named CEO of the combined business; Karel Komarek to chair an eight-person board.
Strategic focus on digitalisation, proprietary technology, AI and in-house content to accelerate growth and reduce third‑party dependency.
Allwyn forecasts double-digit EBITDA CAGR (2024–2026) for the combined business, signalling stronger growth prospects than OPAP alone.
Deal complements recent Allwyn moves (PrizePicks stake, Allwyn Digital, UK National Lottery tech upgrade) and could lead to further consolidation like taking full control of Betano.

Context and relevance

This merger creates the world’s second-largest listed gaming and lottery operator and is a major consolidation in the industry. It reflects broader trends: operators seeking scale, vertical control over tech and content, and access to wider capital markets via multiple listings and re-domiciling. For competitors, suppliers, regulators and investors, the combined group’s size, tech capabilities and cross-border footprint will materially reshape market dynamics in Europe and beyond.

Why should I read this?

Because this is big. Two heavyweights are joining forces to make a €16bn gaming giant that’s gearing up to list globally and double down on tech and AI. If you work in gaming, investment, or regulation (or you just want to know who’s buying who), this tells you who’s likely to call the shots next. Short version: scale, cash, tech — worth your five minutes.