Czech gambling group Allwyn announced on October 13 that it has completed the acquisition of the remaining 48% stake in Greek national lottery and gambling operator OPAP, achieving full ownership with a post-merger entity valuation of 16 billion euros. This acquisition marks Allwyn's transformation from a regional lottery operator to a vertically integrated global gambling giant, with operations throughout Europe and plans to enter the US market. The company expects an annual EBITDA of 1.9 billion euros and maintains double-digit growth, becoming the world's second-largest listed gaming group, second only to Flutter Entertainment. Allwyn plans to adopt an "one brand, one technology, one team" integration strategy, deploying internal technology, artificial intelligence platforms, and unifying brand operations, while considering a secondary listing in New York or London to enhance global competitiveness.
Acquisition Completion and Transaction Details
Allwyn announced on October 13, 2025, the completion of the acquisition of the remaining 48% stake in Greek OPAP, achieving full ownership. This transaction brings the post-merger entity valuation to 16 billion euros, becoming a significant integration event in the European gambling industry.
This acquisition is the final step in Allwyn's investment in OPAP since 2013, described by analysts as a "decade-long courtship," ultimately achieving full integration.
Strategic Transformation and Global Positioning
Through the acquisition of OPAP, Allwyn has transformed from a regional lottery operator into a vertically integrated global gambling giant. The company has now become the world's second-largest listed gaming group, with an expected annual EBITDA of 1.9 billion euros and maintaining double-digit growth.
The company plans to adopt an "one brand, one technology, one team" integration strategy, deploying internal technology and unifying brand operations.
Integration Strategy and Technology Deployment
Allwyn plans to introduce internal artificial intelligence and data analytics platforms in OPAP's retail business, potentially replacing long-term technology partners such as Intralot. CEO Robert Chvátal stated that the integration will accelerate the group's development, utilizing unified technology and content resources.
OPAP CEO Jan Karas emphasized the adoption of artificial intelligence across multiple disciplines, from customer solutions to platforms and internal productivity enhancements.
Financial Attractiveness and Shareholder Benefits
For OPAP shareholders, the transaction offers significant financial attractiveness. Management has committed to a minimum dividend of 1 euro per share from the 2026 fiscal year, with a forward yield of approximately 5% based on the current share price of 18.7 euros, higher than many US blue-chip stocks.
The dividend policy becomes a significant financial highlight of the transaction, providing investors with stable return expectations.
Global Expansion and Listing Plans
Allwyn is considering a secondary listing in New York or London to enhance global competitiveness and capital liquidity. The company changed its legal status to a Swiss entity in October 2024 in preparation for global expansion.
Analysts estimate the US listing process would take 6-9 months, but the company must first demonstrate good business execution and fulfill earnings promises.
Legal Challenges and Regulatory Environment
Allwyn faces legal challenges in the US, with its subsidiary PrizePicks having ceased paid competitions in New York due to regulatory issues, paying a $15 million fine, and facing a class-action lawsuit in Massachusetts.
The company needs to overcome these legal obstacles to effectively promote the PrizePicks business and brand to US investors.
Debt Situation and Financial Health
Currently, Allwyn's debt situation is manageable, with an expected net leverage ratio of about 2.7 times EBITDA, targeting 2.5 times. The company assures that the secondary listing in Athens will not involve new share issuance, keeping the number of free-floating shares unchanged.
Robust finances provide a solid foundation for subsequent expansion and integration.
Industry Impact and Market Integration
The acquisition reflects the overall integration trend in the gambling industry, with operators responding to tightening regulations and market challenges through scaling and diversification. Analysts believe this transaction may prompt European national lotteries to consider privatization or cooperation.
The boundaries between public lotteries and private gambling companies are increasingly blurring, enhancing market competitiveness and technology-driven growth.
Historical Background and Development Process
Allwyn's partnership with OPAP has spanned over a decade, with its predecessor Sazka initially investing in 2013 and increasing its stake to 48.1% in 2022. This full acquisition is the culmination of a long-term strategic plan.
Analysts consider this a logical next step in Allwyn's transformation from a Czech lottery operator to a global giant.
Future Outlook and Growth Expectations
Following the completion of the OPAP acquisition, Allwyn possesses the scale, story, and strategy to compete in the global market. The company may continue to engage in mergers and acquisitions, further expanding its market share and business scope.
Executing the integration of technology stacks, coordinating regulatory frameworks, and merging corporate cultures become major challenges for the future.
