Allwyn and OPAP have agreed to merge in a landmark transaction that will create a €16 billion ($18.6 billion) global lottery and gaming powerhouse, marking a defining moment in Allwyn’s ongoing international growth.
The boards of both companies have unanimously approved the merger, which will operate under the Allwyn name. Under the agreed structure, Allwyn will hold a 78.5 percent economic interest in the new entity, while OPAP shareholders will own the remaining 21.5 percent.
Pending approval from Greece’s Hellenic Gaming Commission, the deal is expected to close in the first half of 2025. Once completed, it will establish the world’s second-largest publicly listed gaming entertainment group and the largest listed lottery operator.
Allwyn-OPAP merger ushers in new era for global gaming
The combined business will initially remain listed on the Main Market of the Athens Stock Exchange, with plans for a potential secondary listing in either London or New York.
KKCG Group, which previously owned 95 percent of Allwyn and first invested in OPAP in 2013, will retain 85 percent of the merged company’s voting rights.
Allwyn founder and chair Karel Komarek described the merger as a defining milestone: “Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally. For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.”
The merger positions Allwyn as the second largest listed gaming firm in the world next to Flutter Entertainment. It also makes Allwyn the world’s largest listed lottery operator, combining OPAP’s market leadership in Greece with Allwyn’s growing international portfolio, which spans the U.K., Austria, the Czech Republic, Greece, and the U.S. state of Illinois.
OPAP CEO Jan Karas said the merger “creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” adding: “I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”
Current Allwyn CEO Robert Chvatal will head the merged group as CEO, with Kenneth Morton continuing as CFO. Komarek will chair the board, which will include six Allwyn directors and two independent non-executive members. Karas and OPAP CFO Pavel Mucha will continue to oversee operations in Greece and Cyprus.
The merger reinforces Allwyn’s ambitions in digital gaming and technology. The company recently launched Allwyn Digital, led by former Betfred US CEO Kresimir Spajic, and acquired a majority stake in US daily fantasy sports operator PrizePicks for $1.6 billion.
With further listings and expansion in sports betting and digital entertainment on the horizon, the merger firmly establishes Allwyn as a dominant global gaming force and a serious contender to Flutter.
Published: Oct 14, 2025 12:24 am