Allwyn to take over OPAP, creating the second largest listed lottery and gaming operator in the world
Summary
Allwyn International and Greek state-backed betting firm OPAP have agreed an all-share business combination that values the combined entity at an equity value of €16bn. The merged company will be renamed Allwyn and will become the second largest listed lottery and gaming operator globally, combining market positions across Europe, the United States and other markets.
The deal formalises a long-standing relationship (Allwyn/KKCG first invested in OPAP in 2013). Allwyn already owns a majority stake in OPAP (51.78%). Post-transaction, Allwyn’s current CEO Robert Chvatal and CFO Kenneth Morton will lead the combined group’s executive team, while OPAP’s management will continue to run operations in Greece and Cyprus. Karel Komarek will chair the enlarged group, which will have an eight-person board with 50% independent non-executive directors.
Key Points
- The transaction is an all-share combination valuing the combined business at €16bn.
- The merged group will be renamed Allwyn and become the world’s second largest listed lottery and gaming operator.
- Allwyn already holds 51.78% of OPAP; the deal builds on a partnership dating back to 2013.
- Leadership: Robert Chvatal (Allwyn CEO) and Kenneth Morton (Allwyn CFO) will lead the combined company; OPAP’s Jan Karas and Pavel Mucha will continue to run OPAP operations locally.
- Governance: Karel Komarek will chair an eight-person board with half the directors independent non-executive members.
- Management and shareholders are positioned to expect continued dividend delivery alongside investment for growth and potential further acquisitions.
Why should I read this?
In short: this is big. If you follow gaming, lotteries or investor moves in regulated markets, this deal reshuffles the deck. It creates a huge listed player with scale across Europe and the US, keeps Greek operations local, and signals more consolidation and cross-border expansion ahead. Read it to know who’s running the show, what the valuation means, and how it could change market dynamics.
Context and relevance
The deal is significant for several reasons: it accelerates Allwyn’s plan to build a global gaming-entertainment platform and unlocks access to equity capital markets for further growth. For OPAP, it promises enhanced innovation and international growth while maintaining a continued Greek presence and listing. Investors will watch dividend policy, acquisition appetite and how the combined group leverages in-house technology and content to scale.
This transaction fits broader industry trends of consolidation among regulated operators seeking scale, diversified geographies and technology-driven product offerings. Regulators, local stakeholders and competitors in Europe and the US will likely reassess market strategies in response.