KKCG, the investment fund of Czech billionaire Karel Komárek, has sold a 4.27% stake in Allwyn International AG to the J&T ARCH Investments investor fund.

The deal values Allwyn at €11.2bn and delivers €500m in proceeds to KKCG, which retains a controlling shareholding in Allwyn International.

Czech financier and investor Komárek founded KKCG Group in 1995, building it into a diversified investment conglomerate with interests in energy, technology, real estate, and entertainment across Central and Eastern Europe.

Under KKCG’s ownership, Komárek established SAZKA Group in 2010 to consolidate lottery assets in Central Europe. SAZKA became the foundation for what is now Allwyn International, which has since expanded into a multinational lottery and gaming operator with licences and market leadership across Europe and North America.

Today, Allwyn stands as one of the global lottery sector’s largest operators, reporting €1.5bn in adjusted EBITDA in 2024 and pursuing new opportunities in digital gaming through acquisitions such as Instant Win Gaming and the pending majority stake in Novibet.

Komárek announced: “This is another significant step for Allwyn. It demonstrates the positive impact of KKCG’s vision and support for the business, and investor confidence in Allwyn’s successful growth-led strategy.

“I see many opportunities ahead for significant and sustainable value creation for Allwyn and I’m delighted that a wider range of investors can now join us on that journey.”

Keeping it Czech

J&T ARCH  is a qualified investor fund established by the J&T financial group. It is listed on the Prague Stock Exchange and, as of March 2025, reported a net asset value of CZK 141bn (€5.6bn).

The fund specialises in long-term equity investments, targeting businesses with strong growth potential and stable cash flows. By taking a position in Allwyn, J&T ARCH provides its investor base with exposure to the resilient lottery sector, which is less sensitive to economic downturns and known for consistent cash generation.

Patrik Tkáč, Co-Founder of the J&T financial group and Chairman of the J&T ARCH Investment Committee, commented: “J&T ARCH’s entry into Allwyn is the culmination of many years of business relations with Karel Komárek, who, with his team, has built an international entertainment platform out of a domestic player. This is another great story of a leading Czech entrepreneur’s business, and the opportunity for our investors to participate in its future growth.”

Allwyn: Going for Gold

In the UK, Allwyn has completed a major technology upgrade of the National Lottery systems, rolling out more than 30 new solutions in partnership with Scientific Games, including a full rebuild of its back-end gaming platform and the migration of millions of retailer records from legacy systems dating back to 2009.

Robert Chvátal, Allwyn CEO, said: “At Allwyn, we’re on a mission to become the leading global gaming entertainment company. We have demonstrated that our platform delivers, and there is real momentum behind our exciting future growth strategy.”

Allwyn’s ambition is clear: to become the biggest global lottery operator. Already holding the largest footprint across Europe, the group is now expanding aggressively in North America through a mix of B2B technology contracts and B2C lottery operations, establishing itself as a central player in the transatlantic lottery market.

Lottery Sector in flux 

The transaction also comes in a year of significant disruption across the global lottery market. Competitor IGT has transformed to Brightstar, returning to its core business as a standalone lottery technology supplier.  

Furthermore, the summer Athens technology group Intralot SA acquired Bally’s Interactive for €2bn, completing a deal to rebuild its gaming and online betting proposition in support of future lottery contracts.

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