The respective Boards of Directors of multinational lottery firm Allwyn and Greek betting and lotteries group OPAP have approved a merger of the two companies, which will carry the former’s name.

Allwyn is already a 51.78% shareholder in OPAP and will remain the majority shareholder in the newly created enterprise – holding a 78.5% share to be exact – while OPAP shareholders, with the exception of Allwyn, will hold the remaining 21.5%.

KKCG Group will control 85% of voting rights in the merger. KKCG was previously the 95% shareholder in Allwyn and led the initial investment in OPAP, while its founder, Karel Komarek, is both its Chair and the Chair of Allwyn.

The combined entity will initially remain listed on the Main Market of the Athens Stock Exchange, but Allwyn has plans to pursue an additional international listing, probably in either London or New York, once the deal closes.

Allwyn has praised the merger as a “major milestone” for both firms which has established the new entity as the “second largest listed gaming entertainment company globally”. The company sees this achievement as setting itself up for further growth in Europe, the US, and elsewhere.

“Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” said Komarek. “For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.

“The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth.

“We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”

Allwyn now world’s largest listed lottery firm

The merger values the new entity at €16bn, taking into account Allwyn’s global positioning and scale and OPAP’s dominant position in Greece, where it is both a major sports betting brand and operator of the country’s National Lottery – although the next licence is going to tender, with OPAP competing against Brightstar.

Allwyn’s last financial reports, for H1 2025, showed year-over-year revenue growth of 6% from €4.25bn in H1 2024 to €4.5bn this year, with profitability also looking good as EBITDA rose 4% to €728m (H1 2024: €698m).

The combination of these firms’ respective balance sheets has created the second largest listed gaming firm in the world, after Flutter Entertainment, and the largest listed lottery company in the world. Its portfolio of lottery contracts includes the National Lotteries of the UK, Czech Republic, Austria and the aforementioned Greece, as well as the Illinois Lottery in the US.

Allwyn and OPAP project rapid growth for the new entity, citing pre-merger Allwyn’s pro forma EBITDA of €1.9bn for the 12 months preceding 30 June 2025 and expecting double-digit EBITDA CAGR from 2024-2026.

Jan Karas, OPAP CEO, said: “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece.

“I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”

The merger will allow OPAP to access substantially more resources from Allwyn’s global financial pool as well as its technology and marketing teams, among other areas.

It also sets Allwyn up as a key stakeholder in Greek betting, with the firm also a shareholder in Betano-operator Kaizen Gaming while also close to securing a majority share in Novibet – it may be worth monitoring this situation to see if any competition concerns are raised.

Post-merger plans and US predictions

Having set itself up as a €16bn global giant, Allwyn is now likely to be keen to press ahead with its ambitions of becoming a lottery-led entertainment firm with reach in sports betting and other areas of sports entertainment.

Its shares in the Greek betting firms is testament to this, although its US moves have been the most notable lately. The huge increase in its valuation as a result of this OPAP merger may make any IPO plans the group has for the US stock markets a more feasible prospect.

The merger also comes just after Allwyn purchased PrizePicks, one of the biggest players in US daily fantasy sports (DFS), for $1.6bn last month, just before its new asset moved to enter the burgeoning American predictions markets space – though this may be somewhat of a gamble given the current regulatory environment around predictions platforms.

“I think in the DFS space they’re pretty safe, it’s the predictions market piece that to me is the uncertainty,” said SBC’s Managing Editor, Jess Wellman, on the iGaming Daily podcast.

“Are you going to jeopardise your DFS market position in regulated states? Is this going to be something that is long term, something that is viable? Or is it a two or three year fad that is going to get killed in the courts?

“I nonetheless think it’s a smart acquisition because the tech is there. They know how to appeal to players, and even if the play is not sports betting related you’ve still got a major and well-recognised company in the US that’s going to make an IPO for you even more lucrative.”

Regarding leadership, things will remain more or less as they are. The new group will continue to be chaired by Komarek, while Robert Chvatal and Kenneth Morton will continue as CEO and CFO of Allwyn in its enlarged form, respectively.

Jan Karas, meanwhile, will continue to lead OPAP in Greece and Cyprus as CEO, alongside Pavel Mucha as CFO. It seems then that OPAP may be forming the basis for Allwyn’s regional operations there, with Greece in particular, as noted above, a key market for the firm.

“This transaction marks a further milestone in Allwyn’s successful journey,” Chvatal said.

“Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation.

“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.”