Allwyn reassures investors after post-merger share drop
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- Allwyn held its first OGM and EGM following the March 2026 completion of its business combination with OPAP, approving all proposed resolutions.
- The company’s share price hit a 52-week low of €12.05 on 12 May 2026, down from above €20 at the time of the merger announcement.
- Executives reaffirmed long-term growth plans, including sports betting expansion and a future listing on the London or New York Stock Exchange.
Allwyn has reassured investors that its post-merger performance remains on track, after facing sharp questions over a prolonged share price decline at the company’s first general meetings following the March 2026 completion of its business combination with OPAP.
At the Ordinary General Meeting (OGM) and Extraordinary General Meeting (EGM), all proposed resolutions were passed. These included the reappointment of board members, the appointment of new independent auditors, and the transfer of the company’s registered office from Luxembourg to Switzerland.
Attention quickly turned to the performance of the newly listed stock on the Athens Stock Exchange (ATHEX).
Share price under pressure
The Allwyn share, trading under the ticker ALWN, hit a 52-week low of €12.05 on 12 May 2026, down sharply from the €20-plus level at which OPAP shares were trading when the merger was announced in October 2025.
CFO Kenneth Morton fielded questions from shareholders seeking explanations for the decline. Morton pointed to the company’s disclosure obligations as evidence that performance had not materially changed.
Kenneth Morton, CFO at Allwyn, said:
“We are subject to very extensive disclosure requirements, which require us to disclose any material information to the market. We haven’t made any disclosure since we published our guidance back in March and obviously we would have done so if there were any developments material to the performance of the business.”
Morton also confirmed Allwyn is still targeting a future listing on a major exchange in London or New York, reiterating that the Athens listing is not the company’s final destination.
Sports betting strategy
CEO Robert Chvátal framed the OPAP merger as a strategic platform, arguing it positions Allwyn to compete across a broader range of products and geographies. Executives pointed to the company’s scale, cash flow, and technology capabilities as the foundations for future growth, with digital channels and sports betting identified as priority areas.
Sports betting has become an increasingly central part of Allwyn’s ambitions, particularly following its investment in US daily fantasy sports operator PrizePicks. In its 2025 full-year results, Allwyn reported adjusted EBITDA of €1.9bn, with PrizePicks contributing €321m on a pro forma basis.
Robert Chvátal, CEO at Allwyn, said:
“A decisive step that both broadens our platform and enhances our capabilities, strengthening our position in the US and extending our reach into a fast growing, highly engaging segment of the market.”
Investor scepticism persists over whether the company can build a competitive sportsbook without proprietary technology. The planned acquisition of Novibet, valued at up to €327m, was withdrawn in March 2026 after the Hellenic Competition Commission raised objections under Decision No. 904/2026.
Chvátal played down the prospect of an imminent replacement deal. Allwyn’s sportsbook search continues, but the messaging from Athens was clear: the group intends to strengthen its existing operations before pursuing further M&A.
Chvátal said:
“The success of our sports betting strategy is not dependent on technology only, but also a range of other factors including: expertise in marketing, brand positioning, commercial execution, product decisions, and the capability within the local market, so in the near term our focus is therefore on strengthening these product drivers.”
What comes next
Allwyn’s total revenue reached €8.99bn in 2025, representing 4% growth year-on-year, with online net gaming revenue rising 11%. The company’s lottery operations continue to provide a stable earnings base as it pursues higher-growth verticals.
For investors, the key question remains whether Allwyn can close the gap between its strategic ambition and its current market valuation. A secondary listing on a more prominent exchange would broaden the investor base and potentially support a re-rating.
Progress on sports betting execution, rather than further acquisitions, is likely to be the primary measure by which management’s credibility is judged in the near term.
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