Allwyn, OPAP Merge to Form €16bn Gaming Giant
Key Takeaways:
- Allwyn International and Greece's OPAP announce merger, valuing combined entity at €16 billion with plans for global stock exchange listing.
- Deal positions new company as Europe's largest lottery and gaming operator, enhancing market presence in Central and Eastern Europe.
- Integration expected to drive innovation and expansion, with Allwyn's UK National Lottery operations remaining unaffected.
Allwyn International, the Prague-headquartered lottery and gaming group, has agreed to merge with OPAP, Greece's dominant gaming operator, in a transformative deal that creates a €16 billion powerhouse in the European iGaming sector. Announced on October 13, the transaction combines Allwyn's expertise in lottery management and digital platforms with OPAP's established retail and online networks across Southeastern Europe. The merged entity, to be listed on a major global exchange, aims to leverage synergies in technology, distribution, and regulatory compliance to accelerate growth in regulated markets.
Under the terms, OPAP shareholders will own approximately 55% of the new company, while Allwyn's current owners, including Czech billionaire Karel Komarek's KKCP and French investment firm Emeram, will hold the remainder. The merger is subject to regulatory approvals from bodies such as the Greek Gaming Commission and the European Commission, with completion targeted for mid-2026. Allwyn CEO Robert Chvatal emphasized the strategic fit, noting the deal builds on Allwyn's recent milestones, including its 2023 acquisition of the UK National Lottery and a comprehensive tech modernization that boosted player engagement by 15% year-over-year.
For the online casino industry, this consolidation signals a shift toward integrated omnichannel models, where lottery operators increasingly cross-sell digital casino games and live dealer experiences. OPAP, which already derives 40% of its €1.7 billion annual revenue from online channels including slots and online casino table games, will benefit from Allwyn's proprietary iGaming software stack. This could enhance product offerings for licensed operators across Europe, particularly in markets like Cyprus, Austria, and the Czech Republic, where both companies hold strong positions.
The impact extends to software providers and online casino payment platforms, as the enlarged group invests €500 million over three years in AI-driven personalization and blockchain-based verification systems. These advancements align with EU directives on data protection and anti-money laundering, potentially setting new benchmarks for compliance in remote gaming. Industry analysts view the merger as a bulwark against black market encroachment, with the combined scale enabling better lobbying for favorable regulations in emerging jurisdictions like Italy, where Allwyn's Lotto Italia consortium recently secured a nine-year license.
Why it matters: Amid economic pressures and fragmented regulations, such mergers foster resilience and innovation, ensuring sustainable growth for operators while safeguarding player protection. As iGaming revenues in Europe surpass €35 billion annually, consolidations like this could redefine competitive dynamics, prioritizing quality over quantity in a maturing market. For stakeholders, it underscores the value of diversified portfolios in navigating post-pandemic recovery and digital transformation.
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