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Allwyn International has abandoned its €327 million acquisition of Novibet after the Hellenic Competition Commission (HCC) signalled that none of the proposed remedies could preserve the transaction’s value. The withdrawal, confirmed on 4 March, ends a deal that had been in the works for more than 15 months.
Why the Deal Fell Apart
Allwyn and Logflex MT Holding Limited, the Malta-based holding company that owns Novibet, jointly submitted what Allwyn described as “carefully considered proposals” to the HCC during its review of the transaction’s competitive impact on the Greek market. The regulator’s feedback left both parties concluding that none of the remedies on the table could be implemented without destroying the deal’s strategic rationale.
Allwyn framed the withdrawal as consistent with its shareholder value commitments, stating it would only pursue transactions that deliver returns to investors. The two sides made the decision jointly and simultaneously pulled the filing from the HCC’s review process.
According to reporting by iGB, any future transaction between the two parties would look materially different from the original agreement in both structure and terms.
What Was at Stake
Allwyn announced the deal on 30 December 2024, agreeing to acquire a 51% majority stake in Logflex for an upfront cash payment of €217 million, with up to €110 million in additional earnouts tied to Novibet’s future performance. The transaction had been expected to close in H2 2025.
At the time, Allwyn CEO Robert Chvatal described Novibet’s potential within the group’s broader ambitions.
“The innovation potential of this transaction is substantial as we look to give our customers access to the very best experience in online sports betting and gaming. Novibet has a world-class team and we look forward to capitalising on the international opportunities ahead.”
The Greek market context made regulatory scrutiny predictable. According to H2 Gambling Capital estimates, Novibet holds roughly 19% to 20% of the Greek licensed online sports betting market, placing it second behind the dominant OPAP — which Allwyn already controls. A combined Allwyn-Novibet entity would have commanded a significant share of Greece’s regulated betting sector, an obvious focus for any competition review. Allwyn’s Q3 results already reflected its strong position across European lottery markets.
Novibet Responds
Novibet issued a statement on 5 March confirming the joint nature of the withdrawal. The company emphasised that the decision was taken to safeguard maximum value for its shareholders and investors, and used the announcement as an opportunity to highlight its standalone momentum.
Novibet said it expects to outperform market growth across all of its current markets and described its proprietary technology platform as a core competitive advantage underpinning its international expansion strategy.
Implications for Both Parties
For Allwyn, the collapse removes what would have been a consolidating move in one of its home markets. The group retains its OPAP position in Greece but loses a path to a second major Greek online brand. How it recycles the capital earmarked for the Novibet deal remains an open question.
For Novibet and Logflex, the outcome leaves the company independent with a strong market position but a failed exit process on record. Whether the company pursues a revised transaction with Allwyn or explores alternative buyers remains to be seen. The M&A activity in European iGaming has been brisk in recent months, with deals such as Super Technologies’ acquisition of Maxbet Online in Romania and Genius Sports’ $1.2 billion purchase of Legend illustrating continued appetite for scale across the continent.
The HCC’s intervention is a reminder that consolidation in markets where one buyer already holds a dominant position faces a high bar. The Greek regulator’s stance suggests it was not prepared to accept structural remedies that would have preserved Allwyn’s combined market power in licensed sports betting.
Source: iGaming Business
