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Allwyn Finalizes Full Acquisition of Greek Operator OPAP
Allwyn—the Czech Republic-based company controlled by billionaire Karel Komárek through investment group KKCG—announced on October 13 that it has acquired the remaining 48% stake in Greece’s national lottery and betting operator OPAP. The transaction consolidates Europe’s largest lottery operator and creates a combined business valued at approximately €16 billion.
The full buyout represents the culmination of a decade-long investment strategy that began in 2013 when Allwyn, formerly known as Sazka, first took a stake in OPAP. The company increased its holding to 48.1% in 2022 before completing this final acquisition.
According to Ben Robinson, an M&A advisor at Corfai Capital, the deal signals a shift in the traditionally conservative lottery sector. “This is a mega-deal in a sector that has historically been sleepy. Allwyn is proving that a lottery company can act like a high-growth tech firm,” Robinson said.
The transaction transforms Allwyn, which changed its legal status to a Swiss-based entity in October 2024, from a regional lottery operator into a vertically integrated, multi-product operation with a presence across Europe and plans to enter the US market.
The newly combined entity becomes the second-largest listed gaming group globally with pro forma EBITDA of €1.9 billion and double-digit growth. Only Flutter Entertainment ranks larger, with projected 2025 EBITDA of approximately $3.3 billion.
Strategic Integration and Technology Deployment
At a joint presentation held on October 12 between Allwyn and OPAP executive teams, Allwyn CEO Robert Chvátal described the acquisition as a key milestone in the group’s expansion.
“With this combination we will be able to grow further, faster as we deploy group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”
OPAP CEO Jan Karas emphasized the opportunity for innovation within the combined entity. “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” Karas said.
“Building the portfolio of attractive games that customers appreciate and bringing innovations is something that we leverage not only from best practices but also practical solutions.”
Karas also outlined plans to implement AI processes across multiple business functions, from customer solutions to internal productivity platforms.
Both executives stressed operational integration under the framework of “one brand, one tech, one team.” Robinson noted particular interest in Allwyn’s plans to deploy in-house AI and data analytics platforms across OPAP’s retail operations, which could potentially replace existing technology partnerships and provide Allwyn with greater control over customer engagement and operational costs.
Financial Implications for OPAP Shareholders
The acquisition offers clear financial benefits for OPAP shareholders beyond the change in ownership structure. Robinson highlighted the dividend strategy as a significant attraction for investors.
“Management promised a minimum €1/share from FY 2026. With OPAP shares trading around €18.7 and a current dividend yield of approximately 7.6%, this implies a forward yield of about 5%—higher than many US blue-chip dividends,” Robinson explained.
Public Listing Strategy and Global Expansion
The OPAP acquisition positions Allwyn for further consolidation moves within the gambling sector. Ed Birkin of H2 Gambling Capital views the transaction as a logical progression in Allwyn’s transformation from a Czech lottery operator to a global gaming company.
“They already owned 52% of OPAP, so acquiring the remaining 48% isn’t something that is overly surprising or unusual,” Birkin said. “This is the logical next step in the transformation of Allwyn from a Czech lottery operator to a truly global powerhouse in the gambling sector.”
Paul Richardson, an M&A specialist at Partis Solutions, emphasized the strategic value of securing a public listing. “It’s a smart piece of finance,” Richardson said. “It ticks a lot of boxes for what they want, which is a listing for Allwyn and then the ability to do bigger and better things in other markets.”
A public listing on the Athens Stock Exchange provides Allwyn with liquidity and equity currency to pursue additional acquisitions. During the presentation, Allwyn indicated plans to pursue a secondary listing in either New York or London.
Richardson estimates a six- to nine-month timeline for a US listing, though he noted the company must first demonstrate successful execution and delivery of projected benefits before attempting an international IPO.
Consolidation Trend and Market Positioning
Birkin noted that while the acquisition strengthens OPAP’s competitive position, the transaction itself represents a continuation of existing strategy rather than a transformative market event.
“With the market consolidating to a number of large, global operators, being part of this is going to position them better for the future than being a standalone single market leader,” Birkin said.
He differentiated this deal from historically significant mergers such as Bwin and PartyGaming, Ladbrokes and Coral, or Paddy Power and Betfair, which fundamentally reshaped the industry at the time of their completion.
“For Allwyn, the key part here is that, on the back of its acquisitions of Novibet and PrizePicks, and the other M&A it’s done in recent years, to consolidate the extra earnings from OPAP combined with the public listing, this now really puts them on the map as a global powerhouse,” Birkin added.
Robinson views the transaction as potentially catalyzing broader changes in European gambling markets, particularly regarding state-run lotteries.
“The line between public lotteries and private bookmakers is blurring. Expect a more competitive, tech-driven European market,” Robinson said.
He compared the deal to France’s FDJ acquisition of Kindred for €2.45 billion and DraftKings’ $750 million acquisition of digital lottery courier Jackpocket as examples of operators expanding beyond their domestic markets.
US Market Entry and Regulatory Challenges
Allwyn’s strategy centers on positioning itself as a comprehensive gaming and entertainment platform, combining national lottery licenses with sports betting, fantasy sports, and casino operations.
“By controlling national lotteries, Allwyn secures a wide moat and an easy marketing journey,” Robinson said. “By adding high-growth verticals, it chases Flutter-like multiples.”
PrizePicks, Allwyn’s recent US-focused acquisition that provides entry into fantasy sports, forms part of this expansion strategy but faces regulatory hurdles. The company suspended paid contests in New York due to regulatory issues and paid a $15 million fine. It also faces a class-action lawsuit in Massachusetts.
“While the acquisition is a catalyst, Allwyn must navigate legal headwinds before touting PrizePicks to US investors,” Robinson noted.
Allwyn is exploring a New York Stock Exchange listing, though the company previously abandoned a SPAC merger attempt in 2022. The group had struck a deal with Cohn Robbins Holdings Corp for a reverse merger, which was later cancelled due to unfavorable market conditions. A traditional IPO appears more likely given the €16 billion equity value of the OPAP deal and the company’s foothold in US fantasy sports.
Financial Structure and Future Outlook
The combined entity’s pro forma net leverage stands at approximately 2.7x EBITDA, with a target of 2.5x. CEO Chvátal assured investors during the deal presentation that “the secondary listing in Athens will not involve new equity issuance” and that free float would remain stable.
Richardson expects the company to continue its acquisition strategy. “I expect Allwyn to carry on doing M&A,” he said.
With full control of OPAP, Allwyn has established the scale, narrative, and strategy needed to compete globally. The company must now execute on its integration plans and demonstrate the projected benefits to shareholders and potential investors.
Source: iGaming Business
