Allwyn International, the operator of the UK National Lottery, has announced the majority acquisition of Greek gaming giant OPAP. This merger will create one of the world's largest listed gaming companies. The deal is valued at approximately €16 billion and marks an important step in Allwyn's international expansion strategy. Allwyn already holds 51,78 percent of OPAP shares and is expected to hold 78,5 percent of the new company upon completion of the merger. The remaining 21,5 percent will be held by existing OPAP shareholders.
The merger was structured as an all-share deal, with OPAP shareholders converting their shares into shares of the new company. This enables a seamless integration and ensures that existing investors can benefit from future growth opportunities. Karel Komárek, the Czech billionaire behind the KKCG investment group, will control 85 percent of the voting rights and thus significantly determine the strategic direction.
"The merger with OPAP is a critical step in Allwyn's global growth strategy. We are creating a strong, internationally leading gaming company capable of expanding both in Europe and globally."
The new group will operate under the Allwyn name and remain listed on the Athens Stock Exchange. The company also plans a secondary listing on an international stock exchange such as London or New York to strengthen its global presence. The merger is expected to be completed in the first half of 2026, subject to shareholder approval and regulatory approvals.
Allwyn's strategy for international growth
With the acquisition of OPAP, Allwyn is pursuing an aggressive expansion strategy, particularly in the US online gambling and sports betting market. Allwyn recently acquired a majority stake in the US fantasy sports company PrizePicks, valued at $1,6 billion. The company's combination of traditional lotteries, online gaming, and sports betting positions it as a global market leader.
"Our vision is to establish Allwyn as a leading brand in international gaming. Digital transformation and addressing younger audiences are at the heart of our strategy."
The integration of OPAP also opens up new opportunities in Europe. The company plans to modernize its established lottery and betting offerings, launch new digital products, and intensify marketing activities aimed at a younger target audience. OPAP's strong market position in Greece provides Allwyn with a stable foundation to drive both organic growth and strategic acquisitions.
OPAP shareholders and the future
For existing OPAP shareholders, the merger means an adjustment of their holdings to the new company. The shares will be converted into Allwyn shares, giving investors direct exposure to global growth opportunities. Homeing in the first quarter of 2026, Allwyn plans to gradually convert the OPAP brand to Allwyn. This modernization is intended to open the company to digital business models and international markets.
The merger between Allwyn and OPAP is a prime example of how global gaming companies can grow through strategic alliances. It demonstrates that traditional lottery and betting providers are willing to invest in digital innovations and position themselves internationally. Analysts expect the merger to create significant long-term synergies and sustainably strengthen Allwyn's market position.
With the majority acquisition of OPAP, Allwyn not only secures control of one of Europe's leading gaming markets but also sends a clear signal for future international expansion. The combination of experienced management, strong brand presence, and an ambitious growth strategy promises to make Allwyn a dominant player in the global gaming market in the coming years.
