Allwyn and OPAP unite in seismic iGaming shift

Summary

The boards of Allwyn and OPAP have approved an all-share business combination that creates a newly named Allwyn, valuing the combined entity at an approximate €16bn equity value. The pro forma group reported EBITDA of €1.9bn for the 12 months to 30 June 2025. The combined company will list on the Athens Stock Exchange, with a secondary listing possible in London or New York.

Allwyn already held a 51.8% interest in OPAP; the transaction merges Allwyn’s lottery and gaming assets with OPAP’s Greece and Cyprus operations. OPAP will rebrand to Allwyn in Q1 2026. The deal involves hiving down OPAP’s Greek business, transferring its statutory seat to Luxembourg (LuxCo), then re-domiciling LuxCo to Switzerland and renaming it Allwyn.

Allwyn’s contributed assets are valued at €8.97bn. As consideration, Allwyn will receive new ordinary shares worth approximately €8.806m and €161m in preferred shares (around 5% fixed coupon). After completion, Allwyn is expected to hold ~78.5% economic interest, OPAP shareholders about 21.5%, and KKCG Group will control roughly 85% of voting rights. The transaction is targeted to complete in H1 2026, subject to shareholder and regulatory approvals, including clearance from the Hellenic Gaming Commission and limited shareholder exit rights at €19.04 per share.

Key Points

Allwyn and OPAP have agreed an all-share merger that creates a rebranded Allwyn valued at c.€16bn.
Pro forma EBITDA for the combined group was €1.9bn for the 12 months to 30 June 2025.
The new holding company will be listed in Athens, with a potential secondary listing in London or New York.
Corporate structure: OPAP hives down to LuxCo, which will re-domicile to Switzerland and be renamed Allwyn.
Share consideration includes ordinary shares and €161m in preferred shares carrying ~5% coupon; Allwyn to hold ~78.5% economic interest post-deal.
Completion expected H1 2026, pending shareholder and regulatory approvals (including the Hellenic Gaming Commission) and limited exit rights for OPAP shareholders.

Why should I read this?

Because this isn’t just another merger — it’s a big shake-up. Allwyn + OPAP instantly becomes a genuine heavyweight in lotteries, iGaming and sports betting across Europe. If you follow market consolidation, licensing shifts, or who’s going to challenge the likes of Flutter, this is the quick heads-up you need.

Author style

Punchy: this is a strategic play that fast-tracks Allwyn’s ambition to be a global gaming leader. Reading the detail is worthwhile if you want the full picture on ownership, governance and market positioning — we’ve flagged the essentials so you don’t have to dig through corporate slides.

Context and Relevance

The transaction accelerates industry consolidation at a time when scale, proprietary tech and cross-vertical product lines (lotteries, online gaming, sports betting) matter more than ever. It preserves a strong Greek listing while positioning the group for international expansion and sponsorship opportunities. The deal also highlights how corporate domicile and share structure are being used to align regulatory, tax and capital market objectives in cross-border gaming deals.

Market watchers will be watching whether the combined Allwyn can compete with global incumbents on scale and product breadth; for operators, suppliers and investors, the merger could reshape partnership and market-entry strategies across Europe and beyond.