Allwyn and OPAP Announce €16 Billion Merger, Creating Gaming Powerhouse

In a landmark move poised to reshape the global gaming industry, Allwyn International AG and OPAP S.A. have announced an all-share merger valued at €16 billion (approximately $18.56 billion). This consolidation will create the world's second-largest publicly listed lottery and gaming company, operating under the Allwyn name.

The merger, announced on October 13, 2025, builds upon a longstanding partnership between the two entities. Allwyn, formerly known as Sazka Group, has held a 51.78% stake in OPAP since 2013. Post-merger, Allwyn will own approximately 78.5% of the combined company, while existing OPAP shareholders will retain 21.5%. The transaction is expected to close in the first half of 2026, pending shareholder and regulatory approvals.

Karel Komarek, founder and chair of Allwyn's controlling shareholder KKCG Group AG, emphasized the strategic significance of the merger:

“Today’s announcement redefines the sector, signaling the creation of the second-largest listed gaming entertainment company globally. For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.”

The combined entity will maintain its listing on the Athens Stock Exchange, with plans to seek additional listings on international exchanges such as London or New York. This move aims to enhance the company's global presence and attract a broader investor base.

Allwyn has been on an aggressive expansion trajectory, including acquiring the UK's National Lottery and a majority stake in U.S. fantasy sports company PrizePicks, valued at $1.6 billion. In 2024, Allwyn reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of €1.5 billion on revenue of €8.8 billion, marking a 12% increase from the previous year.

OPAP, established in 1958, is Greece's leading gaming company, offering a wide range of gaming and lottery products. The merger is expected to leverage OPAP's strong market position in Greece and Cyprus, combined with Allwyn's technological capabilities and international reach.

Robert Chvatal, CEO of Allwyn, will lead the combined company, with Kenneth Morton serving as CFO. OPAP's management, led by CEO Jan Karas and CFO Pavel Mucha, will continue overseeing operations in Greece and Cyprus. The new board, chaired by Karel Komarek, will consist of eight directors, with half being independent non-executives.

The merger is projected to deliver significant financial benefits. The combined entity reported a pro forma EBITDA of €1.9 billion for the 12 months ending June 30, 2025. The group forecasts a double-digit EBITDA compound annual growth rate (CAGR) from 2024 to 2026, with earnings per share (EPS) and free cash flow per share expected to be double-digit accretive to OPAP in the first full year after closing.

The combined company intends to maintain a sustainable dividend policy, with an annual minimum dividend of €1.00 per share from the financial year 2026 onwards, aligning with OPAP’s existing dividend policy. Special dividends and buybacks will also be considered, while preserving flexibility for the combined company to invest in organic and inorganic opportunities.

This merger represents a significant consolidation in the global gaming sector, creating a powerhouse in the lottery and gaming industry. The combined entity is expected to drive growth and innovation, potentially leading to increased employment opportunities and economic benefits in the regions where the company operates.

The transaction is subject to shareholder and regulatory approvals, which may involve scrutiny from competition authorities to ensure compliance with antitrust laws. The companies anticipate completing the merger in the first half of 2026.

As the gaming industry continues to evolve, the Allwyn-OPAP merger stands as a testament to the strategic importance of scale, technological investment, and market diversification in achieving global leadership.