UK Lottery Operator Allwyn Finalises £13 Billion Merger with OPAP

The international arm of UK National Lottery operator Allwyn is now the second-largest listed lottery and gaming operator globally after completing its merger with Greek operator OPAP.

The merger was announced in October, with the enlarged group valued at €16 billion (£13.89 billion). Allwyn now owns approximately 78.5% of the company, with OPAP shareholders owning the remaining 21.5% of shares.

Following completion of the merger, Allwyn AG has listed on 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). Allwyn intends to distribute €0.80 per share to shareholders, which will follow completion of the share purchases related to the cash exit right.

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.

Allwyn owned 51.78% of OPAP prior to the merger. OPAP, which was previously owned entirely by the Greek state, was due to change its consumer brand name to Allwyn from Q1 2026.

A new chapter

Karel Komarek, Founder and Chair of Allwyn, and of KKCG, said:

“Today, Allwyn moves into a new chapter - one that builds on the momentum that already characterises our business. Over the past 13 years, we’ve shown the significant and sustainable value we create for shareholders, for society, and through the experiences we deliver to players.

“Allwyn has exceptional potential in the rapidly evolving world of consumer entertainment, and we have the strategic clarity, scale, capabilities and ambition to define the future of the industry.”

Robert Chvatal, Allwyn CEO, said:

“This is a major strategic milestone for Allwyn, and we start our journey as a publicly-listed global leader with a strengthened platform, enhanced financial flexibility and a world-class team.

"We are very confident that our leading market positions, high degree of diversification, and strong cash generation position us well to drive sustainable growth and continued value creation as we invest in innovation and future opportunities across our markets.”

Studio 59 launch in April

Last week, Allwyn UK announced the planned launch of Studio 59, a new in-house creative and content studio which will be rolled out in April.

Allwyn said the studio is being developed in response to a rapid shift in the marketing and media landscape. The studio is named after the Lotto game, where players pick numbers from 1 to 59.

Descriptions of the types of content that Studio 59 will produce were vague, but Allwyn mentioned the studio will combine content, social, production, planning and brand marketing into an integrated structure.

Digital upgrade

This follows Allwyn UK’s announcement in January that it would be carrying out a major upgrade to the National Lottery’s digital platforms, with the update allowing Allwyn to offer the largest ever range of National Lottery games.

A number of new digital experiences will be offered, including an extended range of games, improved player protection tools, and the opportunity for players to have a more simple way to play, check results and claim prizes.

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.