Allwyn completes OPAP merger to form global lottery giant
Table of contents
- Allwyn AG has confirmed the completion of its business combination with OPAP, creating the world’s second-largest listed lottery and gaming operator.
- The combined entity, valued at €16bn, is listed on the Athens Stock Exchange under the ticker ALWN, with a secondary listing on London or New York planned.
- The company confirms its intention to distribute €0.80 per share to shareholders, which will follow completion of the share purchases from exiting OPAP shareholders, expected in April.
Allwyn AG has completed its landmark business combination with OPAP S.A., formally creating one of the largest publicly listed gaming operators in the world.
The transaction was confirmed on 24 March 2026, bringing together Allwyn International AG and OPAP under a single combined entity, now trading on the Athens Stock Exchange under the ticker ALWN.
A deal years in the making
The €16bn merger builds on a partnership dating back to 2013, when KKCG Group first invested in OPAP. First announced in October 2025, the transaction was designed to strengthen leading market positions across Europe and North America, and to diversify across lottery, sports betting and iGaming.
At OPAP’s Extraordinary General Meeting on 7 January 2026, shareholders who opposed the cross-border conversion were granted the right to exit at €19.04 per share. The exit right was ultimately exercised in respect of 23,959,850 shares, representing 6.7% of shares outstanding.
More than 93% of OPAP’s share capital remained invested in the combined company.
Share structure and next steps
After Allwyn completes the purchase of shares from exiting shareholders, expected in April, the company will have 770,799,070 shares outstanding, excluding treasury shares. Of these, 166,406,223 shares will constitute the free float (representing 22%), with the remainder held indirectly by KKCG.
Allwyn AG began trading on the Athens Stock Exchange on Tuesday, March 24 with a market capitalisation of €5.05bn. The company confirms its intention to distribute €0.80 per share to shareholders, which will follow completion of the share purchases, with a scrip option available.
Allwyn also expects to redomicile from Luxembourg to Switzerland before the end of Q2 2026, and intends to pursue a secondary listing on a major international exchange such as London or New York.
Leadership and outlook
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.”
Robert Chvatal, CEO of Allwyn, 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.”
Portfolio and priorities
The completion of the merger marks a significant consolidation across the European gaming sector.
Core lottery assets now include the UK National Lottery, the Czech Lottery, the Greek lottery via OPAP, and the Illinois State Lottery. On the US side, Allwyn’s 62.3% stake in PrizePicks, acquired for an initial consideration of $1.6bn in January 2026, adds a fast-growing daily fantasy sports and prediction markets position to the group.
One gap remains on the technology front. Allwyn’s attempted acquisition of Novibet collapsed in early March after the Hellenic Competition Commission raised concerns that the combined entity would control over 70% of Greece’s online betting market, removing the proprietary sportsbook platform that had been central to the deal’s strategic rationale.
CEO Chvatal confirmed on the FY25 earnings call that Allwyn is already exploring alternative paths to acquiring sportsbook technology in-house.
The combined platform, which Allwyn has also positioned as a commitment to player protection and responsible gaming, spans lottery, sports betting, iGaming and daily fantasy across Europe and North America.
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