Allwyn Completes €16bn OPAP Merger, Becomes No.2 Globally
Allwyn confirmed on 24 March that it had finalised its €16 billion combination with OPAP S.A. It said the new group ranks as the second-largest listed lottery and gaming operator globally. Shares in the combined company started trading on the Athens Stock Exchange under the ticker ALWN after the deal closed.
The deal was first announced in October 2025 as an all-share transaction with an equity value of €16 billion. It was carried out through a share exchange, with OPAP investors receiving newly issued Allwyn shares.
The combination links Allwyn’s lottery footprint across several European markets with OPAP’s position in Greece and Cyprus. Shareholders holding about 6.7% of the capital opted for a cash exit, with total payments of roughly €456 million, according to company disclosures.
KKCG remains the controlling shareholder, and Robert Chvatal continues as CEO. The board structure stays broadly the same, with OPAP retaining representation after the transaction.
Allwyn said the enlarged group now spans multiple regulated markets, bringing together retail lottery networks and online channels. It sees this mix as a way to support steady revenue from lotteries while building its digital business.
The company also confirmed plans to seek a secondary listing on another international exchange. London and New York were named as possible options for 2026, reflecting the group’s scale and its new status as a listed business in Athens.
TGJ Take
This deal is about scale and positioning for future licence competitions. A combined Allwyn-OPAP group can now commit more capital and infrastructure than most rivals when governments tender national lottery contracts. That raises the entry bar for smaller operators. For affiliates, the short-term impact is limited, but a US or UK secondary listing would likely signal a push into new markets where partnership opportunities could follow.
