Allwyn ends Novibet bid after Greek competition concerns
- Allwyn and Logflex MT Holding have jointly withdrawn the proposed Novibet acquisition from review by the Hellenic Competition Commission.
- The deal, valued at up to €327m, was abandoned after the regulator warned the combined entity would hold over 70% of Greece’s online betting market.
- Allwyn’s separate business combination with OPAP remains on track for Q2 2026.
Allwyn International has abandoned its planned acquisition of Greek online betting operator Novibet after the Hellenic Competition Commission raised concerns about market dominance. The two parties jointly agreed to withdraw the transaction from regulatory review.
The deal, first announced in December 2024, would have seen Allwyn acquire a 51% majority stake in Logflex MT Holding, the parent company of Novibet, for an initial €217m with a further €110m in potential performance-based earnouts.
Competition concerns
Allwyn already owns OPAP, Greece’s largest land-based and online gaming brand, giving it an existing market share exceeding 50% in the country. Novibet is the second-largest operator in the Greek market.
The HCC issued a Statement of Objections and an opinion in December 2025, proposing the prohibition of the deal. The regulator warned that the acquisition would eliminate competitive pressure and further entrench Allwyn’s dominant position.
It is estimated that the combined entity would control more than 70% of Greece’s online betting and gaming market, leaving the remaining competitors with negligible market shares.
The authority also noted that Allwyn and Novibet together account for the highest advertising expenditure in the market, offer the largest player bonuses, and operate the strongest technological platforms.
It added that since 2021, only Novibet has been able to meaningfully challenge OPAP’s dominance in Greece. Allwyn said in a statement:
“While Allwyn and Logflex MT Holding Limited set out carefully considered proposals to the HCC, Allwyn is committed to only pursuing transactions that would deliver clear value for shareholders. Allwyn and Logflex MT Holding Limited therefore no longer expect the previously announced transaction to proceed.”
OPAP merger stays on course
The collapse of the Novibet deal does not affect Allwyn’s broader Greek strategy. Its business combination with OPAP, which will create a combined lottery and gaming business, remains on track to complete in Q2 2026 after receiving strong shareholder endorsement in February.
OPAP reported a 4.9% increase in total gross gaming revenue to a record €2.41bn in 2025, according to results published this week. Shares in OPAP closed at €14.72 in Athens on Tuesday after touching a new 52-week low of €14.54 earlier in the session.
Novibet, which employs over 1,000 people and operates across Brazil, Cyprus, Greece, Ireland and Mexico, will continue as an independent business. The operator recently won “Balkans and Southern Europe Operator of the Year” at the EGR European Awards 2026, showing its competitive standing in the region.
What it means for the market
The failed deal preserves the competitive dynamics of the Greek online gambling sector at a critical moment. Greece is simultaneously advancing sweeping legislation against illegal gambling, with fines of up to €800,000 and prison terms of up to ten years for unlicensed operators.
For Allwyn, the withdrawal narrows its path to growth in online sports betting and gaming. The company had positioned Novibet’s proprietary technology platform as a key asset that would accelerate its digital ambitions. It must now look to other markets or assets to fill that gap.
For Novibet, independence may prove advantageous. As the only credible challenger to OPAP’s dominance, the operator retains a strong negotiating position should alternative acquirers emerge.
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About the author
Bianca Máthe
Bianca Mathe joined the iGaming industry in 2018 and has since built extensive experience across multiple verticals, working with international gaming organizations on editorial, marketing, and media strategy. She brings a strong understanding of the regulatory, commercial, and technological forces shaping the global iGaming sector.
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