Allwyn and OPAP to Make Mega Combined Group With €16bn Merger

UK National Lottery operator Allwyn International is to merge with Greek operator OPAP in a seismic move that will create the second-largest listed entertainment company in the world, valued at €16 billion (£13.89 billion).

Allwyn will own approximately 78.5% of the company after completion of the merger, with OPAP shareholders owning the remaining 21.5% of shares. Allwyn currently owns 51.78% of OPAP, which was previously owned by the Greek state. OPAP will change its consumer brand name to Allwyn from Q1 2026.

KKCG, the controlling shareholder in Allwyn, first invested in OPAP in 2013, before taking full control in 2019. That 2013 deal was worth €650 million for a 33% share. KKCG was founded by Czech billionaire Karel Komarek.

Podium listing position

Following completion of the merger, the combined company will continue to be listed on the Main Market of the Athens Stock Exchange. Allwyn also intends to pursue an additional listing on another leading international stock exchange such as London (LSE) or New York (NYSE).

Should the combined company go through with this intention, it would theoretically become the second-most valuable gambling company on the LSE, after Flutter Entertainment, which has a market cap of £31.47 billion. This would take it past second-placed Entain, which has a market cap of £5.15 billion.

Power in the UK and elsewhere

Allwyn took over operations of the UK’s National Lottery in February 2024, and operates lottery contracts in Czechia, Italy, Austria, Greece and Cyprus, as well as Illinois and Michigan in the US. While Allwyn does not necessarily compete directly with the likes of Flutter and Entain, recent moves would signal a shift in power and place Allwyn among the most powerful operators in the UK market, albeit primarily as a result of its operations in other markets.

Allwyn’s pro forma EBITDA for the 12 months to June 30, 2025 was €1.9 billion, and the combined company would list as the second-largest listed lottery and gaming operator globally, as well as the largest listed lottery company.

Allwyn previously planned to go public on the NYSE in 2023, alongside special-purpose acquisition company (SPAC) partner Cohn Robbins Holding Corp, but these plans were scrapped in 2022 despite investors offering $700 million (£525 million) to back the business combination. At the time, Allwyn CEO Robert Chvatal said the project was being shelved due to “prolonged and increasing market volatility.”

The potential NYSE listing could be another signal of Allwyn’s intent to grow in the US. In September, Allwyn announced it would be purchasing a 62.3% stake in US operator PrizePicks for $1.6 billion.

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“Redefining the sector”

Commenting on the planned merger with OPAP, Komarek said: “Today’s announcement redefines the sector, signalling the creation of the second-largest listed gaming entertainment company globally.

“For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment. The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth.”

Jan Karas, OPAP CEO, said: “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece. I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”