Allwyn merges with OPAP in €16bn gaming deal

Allwyn has officially announced a landmark merger with the Greek lottery and gaming giant OPAP, forming one of the largest and most influential gaming conglomerates in Europe. This strategic transaction, valued at a combined equity of approximately €16 billion ($18.6 billion), signifies a major consolidation within the European gaming and lottery sector and marks a pivotal moment in Allwyn’s rapid continental expansion.

According to the terms of the merger, Allwyn will own 51.78% of OPAP’s shares, establishing a majority stake that will allow it to steer the newly integrated operations. The agreement not only strengthens Allwyn’s growing European footprint but also gives OPAP access to Allwyn’s vast international network, advanced digital infrastructure, and strong brand reputation.

A significant milestone in European gaming consolidation

The merger between Allwyn and OPAP represents more than a simple business transaction; it is a strategic alignment between two of Europe’s most recognized names in the lottery and gaming industry. Both companies have shared a working partnership since 2013, building mutual trust and operational synergy over more than a decade.

By merging their assets, technological capabilities, and market reach, Allwyn and OPAP are positioning themselves to dominate both the land-based and online gaming markets across multiple jurisdictions. Industry analysts estimate that the combined group will manage revenues exceeding €6 billion annually once full integration is achieved.

For OPAP, which has long held a dominant position in the Greek and Cypriot lottery and betting markets, the merger promises greater international exposure. Allwyn’s ownership brings with it access to innovative product lines, cross-border marketing expertise, and enhanced financial strength. Meanwhile, Allwyn benefits from inheriting OPAP’s strong customer base and extensive retail network across Southeastern Europe.

Transition to the Allwyn brand

As part of the agreement, OPAP will undergo a brand transition to operate under the Allwyn name beginning in early 2026. Despite the name change, OPAP will remain listed on the Athens Stock Exchange, reflecting its continued local relevance and importance to the Greek economy.

Allwyn, in turn, has disclosed its intention to pursue a secondary listing on a major international exchange, such as London or New York. This move is expected to enhance global investor confidence, improve liquidity, and further elevate Allwyn’s profile as a leading multinational gaming and lottery corporation.

A spokesperson from Allwyn stated that the merger was “a natural evolution of our partnership with OPAP and a major step forward in our ambition to become Europe’s most trusted and responsible lottery and gaming company.”

Strengthening Europe-wide operations

Allwyn’s acquisition of a majority share in OPAP is only the latest in a series of ambitious expansion steps. Earlier in 2024, Allwyn officially took over the management of the UK National Lottery, succeeding Camelot, and has since introduced several modernization initiatives focused on player protection and digital innovation.

In addition, the company completed its €217 million acquisition of the online gaming operator Novibet in March 2025. This move significantly expanded Allwyn’s digital gaming capabilities and positioned it as a key player in both regulated lottery and interactive entertainment markets.

These rapid developments demonstrate Allwyn’s determination to evolve into a pan-European gaming powerhouse, seamlessly blending traditional lottery operations with new-generation online platforms.

OPAP’s position and growth outlook

For OPAP, the merger marks a turning point in its corporate history. Once a state-controlled enterprise, OPAP has evolved into one of Greece’s most successful privatized companies, maintaining a dominant position in retail betting, lottery, and scratch-card markets.

In the first half of 2025, OPAP reported revenues of €1.15 billion, representing a 6.5% increase year-on-year. This performance reflects the resilience of the Greek gaming sector and OPAP’s sustained appeal among consumers despite economic challenges in the region.

Through its integration into Allwyn, OPAP expects to enhance its technological infrastructure, broaden its product offerings, and accelerate its digital transformation strategy. Allwyn’s investment will also support OPAP’s ongoing initiatives in responsible gaming, compliance, and community engagement.

Financial impact and revenue projections

Allwyn’s second-quarter financial report for 2025 revealed a 12% year-on-year revenue increase to €2.27 billion, bringing its total revenue for the first half of the year above €5 billion. The company’s strong performance across its European markets—especially in the Czech Republic, Austria, and the United Kingdom—provided the financial foundation for its aggressive acquisition and merger strategy.

With OPAP now under its umbrella, analysts project that Allwyn’s total revenue could surpass €10 billion annually within the next three years. The integration is expected to generate substantial operational efficiencies through shared technology, streamlined supply chains, and unified marketing efforts.

Broader market implications

The Allwyn-OPAP merger comes at a time when the European gaming industry is undergoing rapid transformation. Regulatory tightening, increased digitalization, and evolving consumer behaviors have pressured companies to innovate and consolidate in order to remain competitive.

By merging, Allwyn and OPAP gain a clear strategic advantage. Their combined scale enhances bargaining power with suppliers, allows for broader compliance coverage across jurisdictions, and increases their ability to invest in emerging technologies such as artificial intelligence-driven responsible gaming tools.

Industry observers suggest that the move could inspire further consolidation among mid-sized operators seeking to compete with larger multinational groups.

Expanding into new markets

In addition to its established European presence, Allwyn has recently been exploring opportunities in the United States and Latin America. Its recent $1.6 billion agreement to acquire a 62.3% stake in the U.S.-based fantasy sports platform PrizePicks underscores its commitment to diversifying its portfolio beyond traditional lottery games.

Through such acquisitions, Allwyn is not only expanding geographically but also diversifying its product base—moving into dynamic segments like sports betting, online casino gaming, and fantasy sports.

The merger with OPAP is expected to strengthen this strategic trajectory, offering a stable European core from which Allwyn can expand globally while maintaining a balanced regulatory and operational framework.

Responsible gaming and regulatory compliance

Both Allwyn and OPAP have repeatedly emphasized their commitment to responsible gaming and adherence to local and international regulations. The merger agreement includes provisions ensuring that both entities will continue to operate under strict regulatory oversight, maintaining transparency and consumer protection as central pillars of their operations.

An Allwyn representative noted that “the merger is not only about growth and profitability, but also about setting new standards for responsibility and sustainability within the gaming industry.”

The new entity plans to expand its investments in player protection technology, anti-fraud systems, and community initiatives supporting education and sports in the regions where it operates.

Future outlook and strategic vision

As Allwyn prepares to integrate OPAP into its global structure, the company has outlined a three-year strategic roadmap focusing on growth, technology, and sustainability. The roadmap highlights four main objectives:

• Digital expansion: Strengthening online platforms and mobile applications to meet growing consumer demand for digital gaming solutions.
• Sustainable growth: Ensuring long-term profitability through responsible practices and community-oriented programs.
• Operational efficiency: Streamlining management and logistics between existing subsidiaries to reduce costs and improve performance.
• Innovation: Investing in new technologies such as blockchain and AI to improve security, transparency, and customer engagement.

The merger thus serves not only as a consolidation effort but also as a blueprint for a new generation of gaming operations grounded in sustainability, digital innovation, and consumer trust.

Conclusion

The merger between Allwyn and OPAP marks one of the most significant developments in the European gaming industry in recent years. By combining their financial strength, technological innovation, and market experience, both companies are set to redefine the landscape of regulated gaming and lottery operations across Europe and beyond.

While the deal underscores Allwyn’s bold expansion strategy, it also provides OPAP with renewed momentum to thrive in an increasingly competitive global environment. Together, the two entities are positioning themselves as leaders in responsible gaming, innovation, and long-term sustainable growth—ushering in a new era for the European gaming industry.

FAQs

What percentage of OPAP shares does Allwyn now own?
Allwyn now owns 51.78% of OPAP’s shares following the merger.

When will OPAP begin operating under the Allwyn brand?
OPAP is expected to transition to the Allwyn brand at the start of 2026.

Will OPAP remain listed on the Athens Stock Exchange?
Yes, OPAP will continue to be listed on the Athens Stock Exchange even after rebranding.

What is the combined valuation of Allwyn and OPAP after the merger?
The merger creates a combined equity valuation of approximately €16 billion.

What is Allwyn’s plan for future stock listings?
Allwyn has stated its intention to seek an additional listing on a major exchange such as London or New York.

How did Allwyn perform financially in 2025?
In the first half of 2025, Allwyn reported revenues exceeding €5 billion, marking a 12% year-on-year increase.

What does this merger mean for the Greek gaming market?
It will likely enhance Greece’s gaming infrastructure, attract international investors, and modernize local gaming technologies.

Will the merger affect employees or operations in Greece?
No major disruptions are expected, as Allwyn has pledged to maintain OPAP’s operational structure and workforce.

How does this merger fit into Allwyn’s broader expansion strategy?
It complements Allwyn’s European and global expansion, particularly following acquisitions like Novibet and PrizePicks.

What steps are being taken to ensure responsible gaming under the new entity?
Both companies have reaffirmed their commitment to regulatory compliance, player protection, and community initiatives.