Lottery operators Allwyn and OPAP bet on €16bn tie-up

(Sharecast News) - European gambling firms Allwyn International and OPAP are to join forces in a blockbuster deal, it was announced on Monday. The deal will create one of the world's biggest lottery operators, valued at €16bn and with operations in Europe, the US and other markets.

Privately-owned Allwyn runs the National Lottery in the UK and various lottery operations in America. OPAP, which specialises in sports betting as well as lotteries, operates in Greece and Cyprus.

The new company - to be renamed Allwyn - will re-domicile to Switzerland while retaining OPAP's listing on the main market of the Athens Stock Exchange. It will also pursue an additional listing, however, most likely in London or New York.

Czech billionaire Karel Komarek, the founder and chair of Allwyn, said: "The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn's continued investment in technology and content will accelerate innovation and fuel significant international growth."

Founded in 2012, Allwyn is majority owned by KKCG, Komarek's investment company. KKCG is also a major investor in OPAP, with a 51.78% stake.

Jan Karas, OPAP chief executive, said: "I'm excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities."

The deal is expected to close in the first half of 2026, subject to regulatory approvals. Once completed, Allwyn will hold 78.5% of the combined company, while non-Allwyn shareholders in OPAP will hold the remaining 21.5%.

In 2024, Allwyn reported adjusted earnings before interest, tax, depreciation and amortisation of €1.5bn on revenues of €8.8bn.

Shares in OPAP were trading 3% higher as at 1100 BST.