London, UK - 14th October 2025 - The iGaming landscape has been dramatically reshaped today, after European lottery powerhouse Allwyn and Greek gaming and
London, UK - 14th October 2025 - The iGaming landscape has been dramatically reshaped today, after European lottery powerhouse Allwyn and Greek gaming and lottery operator OPAP announced they will combine their businesses in a landmark merger. The all-share transaction will create a new global gaming giant with a combined equity value of €16 billion (approx. $18.6bn).
The Allwyn-OPAP merger is a “transformative step” that will create the second-largest listed gaming entertainment company in the world, with a pro forma EBITDA of €1.9 billion for the 12 months to 30 June 2025. Under the terms of the deal, the new, combined company will operate under the Allwyn brand. The transaction builds on a long-standing relationship between the two companies, with Allwyn’s parent company, KKCG Group, having first invested in OPAP in 2013.
Allwyn CEO Robert Chvatal, who will lead the new combined entity, described the merger as a “further milestone in Allwyn’s successful journey.” The strategic rationale for the deal is clear: to create a scaled-up global leader that can grow “further, faster.”
The new Allwyn will leverage its combined scale to deploy group-wide know-how, a unified brand and sponsorship strategy, and, crucially, to accelerate its investment in in-house technology and content. This will reduce its dependency on third parties and allow for faster innovation in the competitive online gambling market. “ 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,” said Allwyn Founder and Chairman Karel Komarek.
The corporate structure of the Allwyn-OPAP merger is complex. OPAP will first “hive down” its business into Greek subsidiaries and move its statutory seat to Luxembourg. This new holding company will then be combined with Allwyn’s assets and re-domiciled to Switzerland, where Allwyn is headquartered.
The new Allwyn will maintain its primary listing on the Athens Stock Exchange, but the company has been explicit about its ambitions for a second listing on a major global exchange. Both London and New York have been mentioned as possibilities, a move that would provide the global gaming giant with access to deeper capital markets to fund its future growth. The transaction is expected to close in the first half of 2026, subject to regulatory approvals.
This blockbuster merger is the latest and most significant move in an aggressive global expansion and digital transformation strategy by Allwyn. The company has been incredibly active in the M&A space, seeking to build a diversified, global, and digitally-focused business.
Recent major moves include:
With this merger, Allwyn now has the scale, technology, and market presence to go toe-to-toe with the world’s largest online gambling and lottery operators. The combination of Allwyn and OPAP has created a true global gaming giant, and the industry will be watching its next move with intense interest.
