Allwyn and OPAP €16 Billion Merger Creates Global Lottery Powerhouse

The lottery industry faces massive transformation as Switzerland’s Allwyn International and Greece’s OPAP finalize a landmark €16 billion (US$18.6 billion) all-share merger to establish a lottery powerhouse. Approved by both boards of directors, the multinational lottery titan combines Allwyn’s European stronghold and OPAP’s Mediterranean dominance under a unified brand.

The lottery will retain its listing on the Athens Stock Exchange while prepping ambitions for a spot in London or New York. The merger is expected to be completed by mid-2026, pending final shareholder ratification and compliance reviews. Once done, the new Allwyn will become the second-largest global lottery operator by market share.

Ownership Structure

Under the merger’s terms, Allwyn secures a 78.5% majority stake, while OPAP’s non-Allwyn shareholders retain a 21.5% stake. Czech billionaire Karel Komarek’s KKCG Group will command 85% of voting rights.

“For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment,” stated Komarek. He emphasized the importance of the agreement and encouraged using “massive customer base” and technological investments to drive global expansion, noting the goal is to “build the world’s leading global gaming entertainment company.”

Market Dominance

Allwyn solidified its UK foothold by securing the National Lottery license from Camelot in 2024. It generated €8.8 billion (US$10.2 billion) in revenue and €1.5 billion (US$1.7 billion) in adjusted EBITDA that year, marking 12% growth. Recent filings show pro forma EBIDTA climbing to €1.9 billion through June 2025.

OPAP maintains near-total control of Greece’s sports betting and lottery sectors. Such dominance is facilitated by strategic investments, including partial ownership of Kaizen Gaming’s Betano platform and ongoing negotiations for majority control of Novibet.

OPAP CEO Jan Karas emphasized the Allwyn merger’s strategic value, stating, “This exciting combination creates a leading gaming company with strong Greek heritage, as well as continued presence and listing in Greece.”

Global Expansion

Allwyn’s merger with OPAP aligns with its global growth trajectory, following the $1.6 billion acquisition of US fantasy sports leader PrizePicks in February 2025, which pushed it into American predictive gaming markets. Industry analysts point out the firm’s €16 billion (US$18.5 billion) valuation as a catalyst for potential London/New York listings, while strengthened financials enhance IPO chances in key capitals.

Leadership stability remains central, as Robert Chvatal (CEO) and Kenneth Morton (CFO) retain their roles. OPAP’s Jan Karas and Pavel Mucha continue to oversee Mediterranean operations.