Allwyn and OPAP Merge to Create Second Largest Listed Global Gaming Operator
Allwyn International AG and OPAP S.A. have announced a business combination via an all-share transaction to create a single entity. The deal, announced on October 13, 2025, is intended to form the second largest listed lottery and gaming operator globally, valued at €16 billion in equity. The combined entity will be rebranded as Allwyn.
Transaction Bolsters Scale and Growth Profile
The merger is built on an existing relationship between OPAP and Allwyn, where Allwyn currently holds a 51.78% stake in OPAP. The resulting company will gain a diversified footprint with market-leading positions across Europe, the United States, and other international markets. The move supports Allwyn’s goal of becoming the world’s leading global gaming entertainment firm.
The deal offers significant financial benefits, including a pro forma consolidated EBITDA of €1.9 billion for the 12 months ending June 30, 2025. Leadership anticipates a robust growth profile, forecasting a double-digit EBITDA CAGR(Compound Annual Growth Rate) between 2024 and 2026, which is significantly higher than OPAP could achieve alone.
Karel Komarek, Founder and Chair of Allwyn, emphasized the scale of the new entity. “Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” Komarek said. He added that the combined strength will “accelerate innovation and fuel significant international growth.”
Enhanced Technology and Market Presence
A major benefit of the merger is the consolidation of technology and content. The new Allwyn will leverage proprietary content, key technology ownership, and AI capabilities to speed up innovation and reduce product time-to-market.
Allwyn CEO Robert Chvatal views the transaction as a path to rapid 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,” Chvatal stated.
The company’s U.S. presence, which includes operating the Illinois Lottery and its planned majority acquisition of Daily Fantasy Sports (DFS) leader PrizePicks, will integrate into the new global structure.
Complex Structure and Dual Listing Plans
The transaction involves a multi-step legal reorganization. OPAP will transfer its operations to new Greek subsidiaries and move its statutory seat to Luxembourg. The combined entity will ultimately relocate its headquarters to Switzerland, where Allwyn is currently based, and be renamed Allwyn.
The new company will remain listed on the Athens Stock Exchange, where it is projected to be one of the largest firms by market capitalization. Allwyn also plans to seek an additional listing on a leading international exchange, such as London or New York, after the closing.
The deal is expected to close in the first half of 2026, pending shareholder and regulatory approvals. OPAP CFO Pavel Mucha commented on the financial benefits, noting that the combined business’s “tremendous financial characteristics will continue to deliver substantial, consistent dividends to our shareholders.” OPAP CEO Jan Karas noted that the merger creates a leading gaming company with a “strong Greek heritage” and continued presence in Greece.
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