Allwyn Takes Over OPAP in €16 Billion Deal to Grow Worldwide

Allwyn has completed a full takeover of Greece’s national lottery operator OPAP, acquiring the remaining 48% stake it did not already own in a deal valuing the combined business at around €16 billion. The move consolidates Europe’s largest lottery operator under one owner and positions Allwyn—founded in the Czech Republic and controlled by billionaire Karel Komárek—as a central player in the global gambling industry.

The buyout, announced on 13 October, comes as gambling firms race to achieve scale amid regulatory headwinds and shifting consumer behaviour. Analysts describe the deal as a strategic pivot rather than a surprise. “This is a mega-deal in a sector that has historically been sleepy,” said Ben Robinson, M&A adviser at Corfai Capital. “Allwyn is proving that a lottery company can act like a high-growth tech firm.”

Allwyn, which converted to a Swiss-based holding structure in October 2024, now becomes the world’s second-largest listed gaming group by earnings. Its pro forma EBITDA stands at €1.9 billion, trailing only Flutter Entertainment, which is forecast to deliver $3.3 billion in EBITDA in 2025. The company has shifted from a Central European lottery operator into a multi-product gambling group with operations spanning lotteries, sports betting, casino products and—following its acquisition of US fantasy platform PrizePicks—daily fantasy sports.

A Decade in the Making

The OPAP takeover concludes a long courtship. Allwyn, then operating under the Sazka name, first took a stake in OPAP in 2013 and increased its shareholding to 48.1% in 2022. The final acquisition was widely anticipated. “They already owned 52%, so acquiring the remaining 48% isn’t overly surprising,” said Ed Birkin of H2 Gambling Capital. “This is the logical next step in Allwyn’s transformation from a Czech lottery operator to a global powerhouse.”

Speaking at a joint presentation on 12 October, Allwyn CEO Robert Chvátal framed the deal as a milestone in building a unified global platform. He outlined plans to centralise technology, content and data analytics across the group. “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,” Chvátal said.

OPAP CEO Jan Karas highlighted AI investments as central to future growth, saying AI tools would be deployed “across multiple disciplines, from customer solutions to platforms and internal productivity.” Analyst Ben Robinson noted that migrating OPAP’s retail network to Allwyn’s proprietary AI and data systems could reduce reliance on legacy partners such as Intralot and improve margins.For OPAP shareholders, the deal offers financial incentives. Management committed to a minimum dividend of €1 per share from 2026, implying a forward yield of about 5%—above many US blue-chip stocks. The acquisition also secures Allwyn a public listing in Athens, which may act as a springboard for further expansion. A second listing in either New York or London is under consideration. “It ticks a lot of boxes,” said Paul Richardson of Partis Solutions. “It gives Allwyn liquidity and equity currency to do bigger and better things in other markets.”

Allwyn is targeting a traditional US IPO within six to nine months, according to Richardson, though he cautioned that investors will look for signs of operational delivery before backing the company stateside. A previous attempt to list via SPAC on the NYSE in 2022 collapsed due to market conditions. Its US expansion also carries regulatory risk. PrizePicks, its largest American asset, halted paid contests in New York and paid a $15 million fine over compliance issues. It also faces a class-action lawsuit in Massachusetts. “Allwyn must navigate legal headwinds before touting PrizePicks to US investors,” Robinson warned.

Allwyn’s full acquisition of OPAP positions it as the world’s second-largest listed gaming group, accelerating its shift from a European lottery operator to a global gambling powerhouse.

European Shake-Up Expected

Analysts say the deal may accelerate consolidation among Europe’s state lotteries. Robinson predicts “a more competitive, tech-driven European market” and argues that traditional lotteries may need to privatise or partner to compete. Birkin believes the acquisition is less transformational in isolation than past landmark mergers—such as Paddy Power–Betfair or Ladbrokes–Coral—but sees it as the culmination of Allwyn’s multi-year acquisition strategy, alongside deals for Novibet and PrizePicks.

Allwyn reported pro forma net leverage of 2.7x EBITDA, a level analysts consider manageable. Chvátal said the Athens listing would not involve new equity issuance and confirmed that public free float would remain steady. But integration risks remain. Aligning technology systems, regulatory compliance, and corporate cultures across multiple regions will test management. “I expect Allwyn to carry on doing M&A,” said Richardson. “But the challenge now is delivery.”