Allwyn Merges with OPAP to Form Global Lottery Giant

Allwyn has confirmed a major merger with Greek gaming group OPAP, forming one of the largest listed entertainment companies in the world. The move builds on a decade-long partnership and strengthens Allwyn’s reach across Europe and North America.

Good to Know

• The deal values the combined group at around $18.56 billion.
• The merged company will continue trading on the Athens Stock Exchange, with plans to list in New York or London.
• KKCG, led by Karel Komarek, will retain 85% voting rights under the new structure.

Allwyn said the merged company will operate under a single brand and benefit from a unified technology and content strategy. For investors, it marks a consolidation of two profitable gaming giants into one major force in the lottery and digital entertainment market.

“Allwyn’s combined strength and scale, along with OPAP’s loyal player base, will accelerate innovation and international growth,” said Allwyn founder and chair Karel Komarek. “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.”

A Partnership Years in the Making

Allwyn has held a controlling stake in OPAP since 2013. The two firms have long collaborated in lotteries across Greece, Cyprus, and Central Europe. Following the merger, Allwyn shareholders will own 78.5% of the new company, while OPAP’s investors will hold 21.5%.

Regulatory and shareholder approvals are expected before Q1 2026, when the transaction is set to close. Around the same time, OPAP will officially rebrand under the Allwyn name.

Expanding a Global Lottery Network

Allwyn operates the UK National Lottery, as well as lotteries in Austria, Italy, Czech Republic, Illinois, and Michigan. OPAP’s stronghold remains in Greece and Cyprus, where it manages both retail and online gaming operations.

According to Allwyn CEO Robert Chvatal, the deal reflects a shared ambition to build an entertainment company powered by technology and data. “Since being founded 13 years ago, we have grown substantially in 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,” he said.

Financial Outlook and Future Plans

Allwyn recently purchased a 62.3% stake in U.S. fantasy sports operator PrizePicks for $1.6 billion, valuing the platform at $2.5 billion. The company reported €1.9 billion ($2.2 billion) in revenue for its last fiscal year and projects a double-digit EBITDA CAGR from 2024 to 2026, exceeding OPAP’s standalone forecast.

OPAP CEO Jan Karas called the merger “a natural next step,” adding, “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece.”

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