Allwyn-OPAP Tie-Up Creates World’s Second-Largest Listed Gaming Group

_{Lottery deal combines strength and scale. (Image: ZUMA Press, Inc./Alamy}

Lottery giant Allwyn International is joining forces with Greek gaming operator OPAP in a €16 billion deal set to create one of the world’s largest lottery and betting groups.

The combined company, to be renamed Allwyn, will bring together operations spanning Europe, the United States, and other international markets. Once completed, the merger will make the group the world’s largest listed lottery business and the second-largest listed gaming company overall, behind Flutter Entertainment.

The agreement, announced Monday, will see Allwyn re-domicile to Switzerland while keeping OPAP’s existing listing on the Athens Stock Exchange. The firm also plans a secondary listing, likely in London or New York, to attract global investors and expand liquidity.

Strategic Scale and Share Structure

Allwyn already holds a 51.78% stake in OPAP, and under the merger terms will own 78.5% of the combined entity, with the remaining 21.5% held by non-Allwyn OPAP shareholders. KKCG Group, the Czech investment firm founded by Allwyn chair Karel Komárek, will control 85% of voting rights post-merger.

“This deal combines the strength and scale of two multibillion-euro businesses and a massive customer base,” Komárek said. 

“Allwyn’s continued investment in technology and content will accelerate innovation and fuel significant international growth.”

Founded in 2012, Allwyn operates national lotteries across the UK, Austria, Czech Republic, and Greece, as well as the Illinois Lottery in the United States. Its takeover of the UK’s National Lottery in 2024 cemented its position as a major global player.

OPAP, Greece’s largest betting and lottery operator, brings strong regional expertise and dominance in the Greek market. The company also runs Cyprus’s national lottery and operates extensive sports betting networks.

Market Rationale and Growth Ambitions

The merger, expected to close in the first half of 2026 pending regulatory approval, represents a major consolidation in the global lottery industry. Analysts say the tie-up will allow both groups to pool resources, leverage technology, and strengthen negotiating power with regulators and suppliers across multiple jurisdictions.

Allwyn reported €8.8 billion in 2024 revenue and €1.5 billion in adjusted EBITDA, while OPAP posted consistent year-over-year growth, generating €4.5 billion in revenue in the first half of 2025, up 6% from a year earlier. The new entity projects a double-digit compound annual EBITDA growth rate (CAGR) between 2024 and 2026, supported by expanded U.S. and digital operations.

OPAP chief executive Jan Karas said the merger deepens the companies’ existing partnership. 

“I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities,” Karas said.

Global Reach and Competitive Position

The transaction positions the merged group as a leading global lottery and gaming brand with broad geographic reach. Together, the two firms will oversee lottery operations in six national markets and a growing presence in sports betting and interactive gaming.

Beyond Europe, Allwyn has been expanding aggressively in the United States, where it recently acquired PrizePicks, a major daily fantasy sports operator, for $1.6 billion. The move signals the company’s intent to diversify beyond traditional lotteries into the fast-growing predictions and fantasy gaming sectors.

Industry observers say Allwyn’s acquisition strategy aligns with a wider trend of convergence between gaming verticals.

 “Today’s announcement redefines the sector, signalling the creation of the second-largest listed gaming entertainment company globally,” Komárek said. 

“For investors, this is a unique opportunity to be part of a dynamic company shaping the future of entertainment.”

Future Listings and Investor Outlook

Following completion, the merged company is expected to maintain OPAP’s Greek listing but also seek an international float. The preferred options are London, where Allwyn already has visibility through its UK lottery operations, and New York, which would provide access to U.S. capital markets as its American footprint grows.

The structure could appeal to institutional investors seeking exposure to stable, regulated gaming revenues balanced by growth in sports and digital betting. Analysts suggest Allwyn’s strong cash flow and diversified licence portfolio could make it a top-tier defensive stock within the gaming sector.

Market reaction in Greece was positive, with OPAP shares rising around 3% in Monday trading after the announcement.

The merger underscores a broader shift among gaming operators toward scale-driven consolidation and cross-market integration, moves designed to withstand regulatory pressure and tap into the growing digital entertainment economy.

For Allwyn and OPAP, the partnership marks not only a financial milestone but also a strategic repositioning that could reshape how global lottery and gaming groups compete in an era increasingly defined by data, content, and cross-platform play.