Allwyn Secures Athens Stock Exchange Listing Following OPAP Merger Completion

Allwyn has completed its merger with OPAP, cementing its status as one of the largest publicly listed gambling groups globally. The deal follows an agreement reached in October and builds on a relationship formed through KKCG’s major stake in OPAP, acquired in 2013. 

The merger gives Allwyn a listing on the Athens Stock Exchange and strengthens its position in the Greek market. OPAP operates the national lottery and remains one of the most influential betting and gaming companies in the country.

This move continues Allwyn’s transformation since its rebrand from SAZKA Group in 2022. The company has been shifting towards a lottery-led entertainment model while expanding into adjacent sectors.

Allwyn believes the merger will enhance its scale, product mix and operational capabilities. The group expects improvements across technology, digital platforms and financial resilience, plus a stronger responsible gaming focus.

Leadership frames merger as long-term strategic milestone

CEO Robert Chvatal described the transaction as a defining moment for the company. He said: “This is a major strategic milestone for Allwyn, and we start our journey as a publicly listed global leader with a strengthened platform, enhanced financial flexibility and a world-class team.

“We are very confident that our leading market positions, high degree of diversification, and strong cash generation position us well to drive sustainable growth and continued value creation as we invest in innovation and future opportunities across our markets.

“I would like to thank our shareholders, employees and regulators for their support as we bring together two best-in-class organisations to create the second-largest listed lottery and gaming operator globally.”

Founder and Chair of KKCG and Allwyn, Karel Komarek also highlighted the long-term trajectory of the business. He said: “Today, Allwyn moves into a new chapter – one that builds on the momentum that already characterises our business.

“Over the past 13 years, we’ve shown the significant and sustainable value we create for shareholders, for society, and through the experiences we deliver to players. That progress has been grounded in partnership, trust, and a genuine commitment to innovation.

“Allwyn has exceptional potential in the rapidly evolving world of consumer entertainment, and we have the strategic clarity, scale, capabilities and ambition to define the future of the industry.”

Lottery foundation remains central to growth strategy

Allwyn’s business model is anchored on Lottery operations. The company holds key assets including the UK National Lottery, the Czech Lottery, the Greek lottery through OPAP and the Illinois State Lottery.

Its presence in sports betting has largely been supported through its connection to OPAP. The company has also expanded into sports entertainment through the acquisition of PrizePicks, a US daily fantasy sports platform that has since entered the prediction markets space.

Not every expansion effort has succeeded. Allwyn previously explored acquiring a controlling stake in Novibet, but the deal was abandoned after regulatory feedback from the Hellenic Competition Commission.

Despite that outcome, the company has maintained stability and continues to execute on its long-term plan.

Scale, ownership and valuation reshape competitive position

The combined entity is estimated to carry a market cap exceeding €11bn, placing it among the largest listed gaming groups globally. This positions Allwyn alongside operators such as Entain and Flutter Entertainment in terms of scale and market relevance.

KKCG will retain 78% of the voting rights in the merged business, maintaining strong control over strategic direction. Allwyn has also indicated plans to distribute €0.80 per share to shareholders.

The merger strengthens the company’s financial base while increasing its exposure across multiple markets.