In a landmark move, Allwyn International and OPAP have agreed to merge, forming a colossal €16 billion gaming enterprise. This strategic merger has garnered approval from the boards of both companies, setting the stage for a combined operation under the Allwyn brand. In this new structure, Allwyn will command a 78.5% economic stake, while OPAP will hold the remaining 21.5%.
The partnership between these two gaming powerhouses is not entirely new. It traces back to 2013 when KKCG, the controlling shareholder of Allwyn, made its initial investment in OPAP. Presently, Allwyn owns 51.78% of OPAP’s holdings, underscoring the deep-rooted collaboration between them.
The merger awaits several regulatory clearances, notably from Greece’s Hellenic Gaming Commission. If all goes as planned, the transaction will conclude in the first half of 2026. Post-merger, the entity plans to remain listed on the Athens Stock Exchange while eyeing a listing on a global exchange such as those in London or New York.
The union of Allwyn and OPAP sets the stage for what is expected to be the world’s second-largest listed gaming entertainment entity. Allwyn views this merger as a “natural next milestone” in its evolution, emphasizing that a public listing will unlock new avenues for capital and growth. OPAP’s shareholders are poised to benefit from expanded growth opportunities, as OPAP rebrands itself as Allwyn in the first quarter of 2026.
A significant structural change will see OPAP “hive down” its operations into newly formed Greek subsidiaries and transfer its statutory headquarters to Luxembourg. In return, Allwyn will contribute its assets and liabilities, receiving newly issued shares in the Luxembourg-based entity, LuxCo. Eventually, this new entity will relocate its headquarters to Switzerland, aligning with Allwyn’s current base.
The merger is not just about consolidation. It aims to leverage key industry trends, with expectations of double-digit growth in EBITDA from 2024 to 2026, notably surpassing OPAP’s standalone performance. Allwyn also highlighted the role of digitalization in its strategy, with an emphasis on proprietary technologies and content, which they believe will reduce reliance on external partners and spur innovation.
Robert Chvatal, Allwyn’s CEO, is slated to lead the merged company, supported by CFO Kenneth Morton. OPAP’s operations in Greece and Cyprus will continue under the leadership of current CEO Jan Karas and CFO Pavel Mucha. Karel Komarek will chair the newly formed entity, with a board comprising six existing Allwyn directors and two independent non-executive directors.
Reflecting on the merger, Chvatal remarked that this transaction is a significant milestone in Allwyn’s journey, which began 13 years ago. He noted the substantial growth in scale and innovation, emphasizing the potential for accelerated growth through their combined know-how, unified brand, and technological prowess. OPAP’s CEO, Jan Karas, expressed enthusiasm about the merger, highlighting its potential to strengthen ties with Allwyn and drive further innovation.
Karel Komarek, expressing a future-oriented vision, suggested that the merger offers a unique investment opportunity, enhancing the company’s competitive edge and fostering international expansion. The goal is clear: establishing a leading global gaming entertainment entity.
This merger is another step in Allwyn’s aggressive expansion strategy. Recently, the company acquired a majority stake in PrizePicks, a daily fantasy sports operator, marking a robust entry into the US DFS and betting markets. Additionally, the company launched Allwyn Digital, aiming to enhance digital offerings and user engagement.
Allwyn’s commitment to technological advancement is further exemplified by its overhaul of the UK National Lottery, which it has managed since February of the previous year. This included updating over 43,500 retail partners with new terminal software.
Looking ahead, Allwyn might contemplate acquiring Betano. Having initially acquired a 36.75% stake in Betano in April 2022, this merger could pave the way for Allwyn to fully integrate Betano into its operations. As Allwyn and OPAP build a formidable gaming entity, the merger marks a pivotal moment in the gaming industry’s evolution, offering a blend of tradition and innovation.
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