Allwyn will not gain as many voting rights in OPAP following the forthcoming merger of the two companies as originally planned.

Some specific terms and conditions around the merger between the international lottery operator and the Greek betting, gaming and lottery group have been altered.

Initial terms of the merger agreement saw KKCG Group secure 85% voting interest in the combined entity as a result of Allwyn’s shares in OPAP being enlarged from 51.78% to 78.5%.

However, revised terms have now seen the types of shares held by Alllwyn changed – instead of preference shares with enhanced voting rights, it will now only receive ordinary shares.

As a result, KKCG’s voting interest in the Allwyn-OPAP combined entity will drop from 85% to 75.1% – the same as the number of shares it will hold in the joint enterprise. In addition, Allwyn’s percentage of shares will remain at 78.5% despite the change in voting rights.

In the grand scheme of things, this changes very little as the Czech-based investment group remains the majority stakeholder.

Aside from voting rights, the merger between Allwyn and OPAP is proceeding as planned, with the combined company still set to operate as an Athens Stock Exchange-listed business and continue operating in its current suite of markets.

In a statement on the matter, Allwyn asserted that ‘the removal of the contemplated issuance of preference shares highlights the commitment of Allwyn and OPAP to continuing the long-term partnership with existing investors’.

The decision was made at an Extraordinary General Meeting (EGM), but has yet to be approved by shareholders in both companies. OPAP’s board has already approved the measure, with its EGM scheduled for 7 January 2026.

The move shows that the Allwyn-OPAP merger is well on the way to completion, regardless of any changes to specific terms. The deal will further establish Allwyn as the world’s second largest gaming company by market cap, after Flutter Entertainment.

M&A has been the defining feature of Allwyn’s 2026 strategy, with the OPAP merger being announced just a month after it acquired US daily fantasy sports (DFS) platform PrizePicks for $1.6bn. PrizePicks would embark on an expansion into prediction markets shortly after.