Allwyn International and OPAP have agreed to merge in a deal worth €16 billion. The boards of these companies have agreed to merge shares to create one of the world’s largest lottery and gaming companies.

The new company will become the second-largest listed lottery and gaming group globally. It will stay listed on the Athens Stock Exchange, while Allwyn also plans an additional listing on another major international exchange, such as London or New York, after the deal is completed.

The merger brings together two major gaming companies with strong positions in Europe, the US and other areas. It builds on a partnership that started in 2013 when KKCG, Allwyn’s main shareholder, first invested in OPAP.

Aiming to Build a Global Gaming Leader

Allwyn currently owns 51.78 percent of OPAP, and the new merger marks the next stage of their long-term collaboration. Karel Komarek, founder and chair of Allwyn and KKCG Group, said the deal will reshape the global gaming sector.

“Today’s announcement redefines the sector and creates the second-largest listed gaming entertainment company in the world,” Komarek said. “For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.”

He added that the combined strength of both companies, along with Allwyn’s focus on technology and content, would drive innovation and international growth.

Strong Financial Performance and Management Continuity

Allwyn’s earnings before interest, tax, depreciation and amortisation (EBITDA) reached €1.9 billion for the 12 months ending June 2025. The combined company is expected to record double-digit growth in EBITDA between 2024 and 2026.

The merger is expected to increase OPAP’s earnings and cash flow in the first full year after it is completed. The new company will keep most of its current leaders. Allwyn’s CEO, Robert Chvatal, and CFO, Kenneth Morton, will continue to head the combined group.

OPAP’s management team, led by CEO Jan Karas and CFO Pavel Mucha, will keep operating in Greece and Cyprus. The new company will be chaired by Komarek and will have an eight-member board, including six Allwyn directors and two new independent non-executive directors.

Dividends and Next Steps

OPAP shareholders will get a dividend of €0.50 per share in November 2025. After the merger, the new company will pay €0.80 per share and at least €1.00 per share each year from 2026.

The merger is expected to be completed in the first half of 2026, pending shareholder approval, which is likely to take place in late 2025 or early 2026.

Jan Karas, CEO of OPAP, said, “This combination creates a leading gaming company with strong Greek roots and a continued presence in Greece. It strengthens our partnership with Allwyn and opens the door to more innovation and growth.”