Allwyn Abandons $217m Novibet Acquisition Following Regulator Concerns

Allwyn has cancelled its €217m acquisition of Novibet following feedback from Greece’s competition authority. The Czech lottery group confirmed that it and Novibet’s parent company Logflex MT Holding Limited have a joint agreement to withdraw the transaction from review by the Hellenic Competition Commission.

Allwyn announced in December 2024 that it would acquire a 51% stake in Novibet for €217m, hoping to expand its digital gaming footprint. 

The agreement also included potential earnouts of up to €110m depending on Novibet’s future results. Allwyn confirmed the decision came after receiving feedback from the HCC, which related to prior concerns. 

In a press release, the company stated: “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.”

Greek competition regulator raises concerns over market dominance

The Hellenic Competition Commission issued a formal Statement of Objections regarding the proposed takeover in December 2025, detailing its competitive concerns. 

This non-binding document stated that the deal could “significantly restrict effective competition” across the country’s online betting and casino sectors.

The authority argued that the takeover would strengthen Allwyn’s existing market position while removing one of Novibet as a competitive force.

Regulators pointed out that Novibet had managed to gain market share from both Allwyn and OPAP during recent years through aggressive pricing strategies, high ad costs, and a user-friendly design.

The HCC commented further: “Allwyn seeks… to acquire sole control over a close competitor, namely the only operator that has proven capable of competing on equal terms… while no other competitor can reasonably be expected to be in a position, after the completion of the [M&A], to take over the role of Novibet, being able to exert substantial competitive pressure on Allwyn and other active providers.”

Although the regulator recognised Allwyn’s attempts to address certain concerns, it recommended blocking the acquisition.

Novibet’s market growth made it a rare challenger

Novibet has built a strong presence in Greece’s online betting and casino market over recent years.

Based on information submitted to the SEC in 2022 during the company’s attempted public listing through a merger with Nasdaq-listed SPAC Artemis, they were recognised as a leading operator. Also Novibet’s Greek market share was expected to reach 20% by 2025.

Although that listing attempt did not ultimately proceed, the documentation provided insight into the operator’s ambitions for continued growth in its core markets.

Allwyn retains dominant position across Greek gambling sector

Allwyn maintains extensive gaming operations throughout Greece. Through its control of OPAP, the group holds exclusive licences across key gambling verticals, such as numerical lotteries, land-based sports betting, passive and instant lotteries, and video lottery terminals.

The company also holds a leading position in Greece’s sports betting, iGaming, and iLottery sectors, operating via OPAP and the Pamestoixima and Stoiximan brands. 

The abandoned Novibet acquisition would have further strengthened their position by adding a growing competitor to Allwyn’s portfolio.