Allwyn and OPAP overcome key hurdle in merger ambitions

Summary

The €16bn merger between Allwyn and Greece’s OPAP has moved forward after both companies’ boards approved waiving a cash exit condition. Shareholders who opposed the deal at OPAP’s 7 January Extraordinary General Meeting will be entitled to €19.04 per share; Allwyn says over 50 million OPAP shares hold the exit right. The merger had been conditional on exit exercises representing less than 5% of OPAP’s share capital, but that condition has now been removed. Final regulatory approvals are still required, with completion expected in the first half of 2026.

The deal would create a global lottery and gaming group listed in Greece, combining lottery, sports betting and iGaming assets. Allwyn plans an additional international listing to boost liquidity and visibility, and expects the combined business to remain eligible for MSCI and FTSE emerging market indexes. The move follows Allwyn’s aggressive expansion push, including a recent deal to acquire a 62.3% stake in US-focused PrizePicks and prior entry into Illinois via Camelot Lottery Solutions.

Key Points

Boards of Allwyn and OPAP approved waiving a cash exit condition tied to the merger.
Dissenting OPAP shareholders will receive €19.04 per share; over 50 million shares have exit rights.
The merger had been conditional on exit exercises being below 5% of OPAP’s share capital; that requirement was removed.
Completion is expected in H1 2026, pending final regulatory approvals.
The combined group would be a global lottery and gaming player, listed in Greece and pursuing an additional international listing.
Allwyn is simultaneously expanding in North America (notably the PrizePicks acquisition), underlining broader growth ambitions.

Why should I read this?

If you keep an eye on lottery or gaming M&A, this is big. Two major players are about to merge, which could reshuffle market power, listings and growth plans across Europe and North America. Short version: it affects competition, investor liquidity and expansion strategies — and might change who calls the shots in the lottery space. We skimmed the detail so you don’t have to.