Allwyn reached a deal to gain full ownership of Stoiximan Limited and chose to divest casino assets in Germany and Australia as part of its new business strategy. In this new move, Greek lottery operator OPAP, which Allwyn controls, will pay €191.6 million in cash for the last minority shares of Stoiximan Limited. Stoiximan operates the Kaizen Gaming brand in Greece and Cyprus. Financial details confirm the payment is cash-free and debt-free, with all terms handled using OPAP’s available cash and current liquidity positions. The deal still needs clearance from Cypriot regulators, and the companies expect to finish all processes in the third quarter of 2025.

OPAP initially acquired a small stake in Stoiximan in 2018 and, following several transactions, increased its ownership to 84.49%. Following this latest transaction, Allwyn now holds total control of Stoiximan, which gives it a stronger position in Southern Europe’s large digital betting market. Allwyn said this buyout follows its aim to get bigger shares in businesses it does not own fully yet. The company also explained that the deal would boost its involvement in online sports betting and iGaming, areas that align with the performance of its lottery group. In 2024, Stoiximan reported a 27% growth in gross gaming revenue (GGR).

Casino Divestments

Allwyn left the German casino market and agreed to sell its Australian casino operation as it focuses more on digital markets. Analysts estimate that these asset sales will generate a total of €105 million in gross proceeds for Allwyn. The firm completed the German transaction, which involved 10 casinos in Lower Saxony, generating gross proceeds of €67.7 million. This sum includes a €15.2 million dividend paid before the sale and €52.5 million that entered the company’s book in July.

Figures from 2024 show that these German casinos, which were part of Allwyn’s Austria reporting, delivered €126.4 million in revenue. In Australia, Allwyn decided to sell its 42% ownership stake in the Reef Hotel Casino in Cairns, which was held via the listed Reef Casino Trust (RCT). An off-market cash takeover is expected to yield approximately €54 million, according to bid details. Allwyn expects to close this transaction during the first half of 2026, pending approvals from more than 80% of RCT unit holders and satisfaction of regulatory conditions.

Allwyn, together with Accor, already controls over 71% of RCT shares and both have formally accepted the incoming bid.  For accurate accounting, Allwyn will re-present its balance sheet to show a €205.6 million liability as of March 31, 2025, balanced by an equity adjustment. The company has clarified that this change will not appear in its income or cash flow reports.

Digital Ambitions

This acquisition marks a significant step in Allwyn’s digital transformation, as the group seeks to expand beyond its core lottery operations. In December 2024, Allwyn acquired a 51% stake in Logflex MT Holding, the owner of online betting operator Novibet, for €217 million, with the deal expected to be finalized in the second half of 2025. Quarterly results for Q1 2025 highlight €2.34 billion in total revenue, a 6.4% increase from the same period last year, with net revenue at €1.01 billion, representing a 5.4% year-over-year gain. Adjusted EBITDA for the quarter totaled €362.3 million, representing a 1.3% growth rate and resulting in an EBITDA margin decrease from 37.4% to 35.9%.

On the funding side, Allwyn’s UK unit, Allwyn Entertainment Financing (UK) plc, issued €500 million in senior secured notes to the market. Proceeds and company savings will be used to repay all 2027 notes in full and cover related spending. According to official results, business activity in and after Q1 2025 remains strong, matching forecasts, and demand for Allwyn’s products continues, even while facing global market pressures and tariff issues.