OPAP acquires full stake in Stoiximan for €191.6 million

OPAP S.A., the leading gaming company in Greece, has announced the successful agreement to acquire the remaining 15.51% stake in Stoiximan, a move that raises its total ownership of the online gaming operator to 100%. The deal, worth €191.6 million on a cash- and debt-free basis, also provides for a net cash adjustment to be applied at the time of closing. This acquisition solidifies OPAP’s strategic investment in Stoiximan and strengthens its position in the online gaming sector across Greece and Cyprus.

The deal is expected to be finalized in the third quarter of 2025, pending regulatory approval from the Cypriot authorities. Once completed, OPAP will assume full control of Stoiximan while continuing to operate both companies under distinct brands and licenses.

Strategic expansion of OPAP’s digital footprint

OPAP’s complete acquisition of Stoiximan is a decisive step in the company’s long-term strategy to lead the digital transformation of gaming services in the region. Since its initial entry into Stoiximan in 2018, OPAP has consistently increased its equity in the company, culminating in this final buyout.

Stoiximan has experienced remarkable growth over the past several years, rising to become the undisputed leader in the online betting market in Greece. Its success aligns with OPAP’s broader ambition to expand its digital operations and focus more heavily on online sports betting and iGaming.

The latest acquisition further consolidates OPAP’s leading market position, enhancing its competitive edge in an increasingly digital-first environment. As online gaming continues to evolve rapidly, the integration of Stoiximan into OPAP’s broader portfolio is anticipated to accelerate digital innovation and customer-centric product development.

Background: OPAP’s investment journey in Stoiximan

OPAP’s involvement with Stoiximan began in 2018, when it identified the operator as a high-potential asset in the burgeoning online gaming space. The initial stake laid the groundwork for deeper collaboration and eventual expansion of OPAP’s online offerings.

In 2020, OPAP increased its ownership through two additional transactions, further integrating Stoiximan into its operational and strategic landscape. Over time, Stoiximan became a pivotal part of OPAP’s online strategy, contributing significantly to its revenue and digital presence.

The final acquisition reflects OPAP’s confidence in Stoiximan’s long-term prospects and affirms the strategic alignment between the two entities.

A continued partnership with Kaizen Gaming

Despite the complete acquisition, Stoiximan will maintain a distinct operational identity and continue to benefit from its longstanding partnership with Kaizen Gaming, a key technological provider and strategic partner.

Kaizen Gaming is recognized for its advanced platform capabilities, delivering high-performance, scalable technology that supports Stoiximan’s product differentiation. Under Kaizen’s support, Stoiximan has cultivated a strong reputation for user-friendly interfaces, product reliability, and cutting-edge innovation.

This partnership is expected to continue post-acquisition, ensuring that Stoiximan retains its market-leading agility and maintains high standards of customer engagement and service delivery.

Operational independence and brand differentiation

A significant aspect of the acquisition structure is the maintenance of operational independence between OPAP and Stoiximan. Both companies will operate under their own licenses, brands, and leadership teams. This strategy preserves operational continuity, safeguards brand identity, and supports sustained customer trust across both platforms.

OPAP’s dual-brand strategy—encompassing Stoiximan and Pamestoixima.gr—enables the group to effectively target and serve different market segments. This strategy has proven to be resilient and effective in driving sustainable growth across digital channels.

The preservation of separate operational models reduces disruption risk and allows both entities to pursue tailored approaches to product development, user experience, and regulatory compliance.

Regulatory oversight and compliance

As with any transaction in the regulated gambling sector, the acquisition remains subject to regulatory review. The transaction is pending final clearance from the appropriate regulatory bodies in Cyprus and is expected to be completed during the third quarter of 2025.

Both OPAP and Stoiximan operate within tightly regulated frameworks in Greece and Cyprus. Compliance with local and EU-level gambling laws remains a central pillar of the group’s governance model. The legal structure of the acquisition has been designed to align fully with regulatory standards, ensuring transparency, accountability, and risk mitigation throughout the process.

Executive perspectives on the acquisition

The announcement of the acquisition was accompanied by statements from the leadership of both companies, highlighting the strategic significance and future outlook of the transaction.

Jan Karas, Chairman and CEO of OPAP, emphasized the value that Stoiximan has brought to OPAP’s online business, noting that the acquisition marks an important milestone in the company’s digital transformation journey. He reaffirmed confidence in the dual-brand strategy and the potential for continued growth across both Stoiximan and Pamestoixima.gr.

Nikos Fligos, CEO of Stoiximan, described the acquisition as a new chapter for the company and praised the dedication of Stoiximan’s team of over 300 professionals. He stressed the company’s ongoing commitment to delivering exceptional customer experiences and shaping the future of online gaming in the region.

Market impact and strategic implications

The full acquisition of Stoiximan is expected to have a material impact on OPAP’s competitive positioning in the Greek and Cypriot markets. It enhances OPAP’s operational scalability and product offering in the high-growth online segment, which is becoming an increasingly dominant force in the global gaming industry.

From a strategic standpoint, the deal enables OPAP to capture greater value from Stoiximan’s earnings, streamline decision-making processes, and accelerate investment in digital infrastructure. Furthermore, the consolidation allows OPAP to better integrate data, analytics, and customer insights across its platforms.

Analysts view the acquisition as a signal of OPAP’s intent to deepen its commitment to digital transformation and innovation, especially amid shifting consumer preferences toward mobile-first, on-demand gaming experiences.

Future outlook and industry trends

The acquisition comes at a time when the global gaming industry is undergoing significant transformation, driven by technological advancement, regulatory evolution, and changing user behavior. In this dynamic environment, companies that can successfully leverage digital capabilities and maintain compliance stand to achieve substantial competitive advantages.

OPAP’s acquisition of Stoiximan positions it well to navigate these challenges. By unifying its stake in a proven online leader, OPAP reinforces its digital roadmap and adapts to the long-term trajectory of the market.

Industry observers will be watching closely how OPAP integrates Stoiximan into its broader portfolio while maintaining brand differentiation and regulatory integrity.

Conclusion

The finalization of OPAP’s 100% acquisition of Stoiximan is more than a financial transaction; it is a strategic reaffirmation of the company’s digital direction. As the gaming landscape continues to evolve, this move gives OPAP a firmer grip on the digital future while ensuring Stoiximan remains a vibrant and innovative force within the group.

With regulatory approval on the horizon and operational synergies ahead, the coming months will be pivotal in shaping the next phase of OPAP’s growth story in the digital domain.

FAQs

What does OPAP’s acquisition of Stoiximan involve?
OPAP has agreed to acquire the remaining 15.51% of Stoiximan for €191.6 million, making it the sole owner with 100% control of the company.

Why is the acquisition significant for OPAP?
The acquisition strengthens OPAP’s digital presence and consolidates its leadership in the online gaming market in Greece and Cyprus.

Will Stoiximan continue to operate independently?
Yes, Stoiximan will retain its own brand, license, and management team, operating separately from OPAP’s Pamestoixima.gr.

Who provides technology to Stoiximan?
Stoiximan continues to be supported by Kaizen Gaming, known for its cutting-edge technology and product innovation.

When is the acquisition expected to be completed?
The transaction is anticipated to close in the third quarter of 2025, pending regulatory approval in Cyprus.

How does this acquisition affect the Greek and Cypriot gaming markets?
It enhances OPAP’s leadership and accelerates the shift toward online and mobile-first gaming experiences.

Will there be changes to customer access or platforms?
No immediate changes are expected. Both OPAP and Stoiximan will continue offering services through their respective platforms.

What is OPAP’s strategy with Stoiximan?
OPAP plans to maintain a dual-brand strategy, leveraging both Stoiximan and Pamestoixima.gr to serve different segments of the market.

Is this acquisition legally compliant?
Yes, the deal is structured to comply with all relevant regulatory and legal standards in Greece and Cyprus.

What impact does this have on industry competition?
The acquisition reinforces OPAP’s dominant position, potentially prompting further consolidation or strategic partnerships in the sector.