Allwyn And OPAP Merge To Become Second Largest Listed Global Gaming Operator
Lottery giant Allwyn, which recently acquired PrizePicks, further expands with $18.6 billion deal
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Global lottery powerhouse Allwyn and Greece/Cyprus-based gaming company OPAP announced Monday an $18.6 billion merger, resulting in what the entities claim is now the second largest listed lottery and gaming operator globally.
This news comes just three weeks after Czech Republic-based Allwyn made a significant expansion beyond its main lane of lottery by acquiring a 62.3% stake in U.S. fantasy sports site PrizePicks.
Allwyn and OPAP had an existing partnership dating back to 2013, when KKCG, the controlling shareholder of Allwyn, made its first investment in OPAP.
“Today’s announcement redefines the sector,” said Karel Komarek, the founder and chair of KKCG and Allwyn, in a release. “For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment. 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. We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”
Allwyn’s reach in Europe is far greater than in the U.S., where, prior to the PrizePicks deal, its most notable foothold was running the Illinois Lottery.
In August, Allwyn hired Kresimir Spajic, formerly the CEO of Betfred in the U.S., to lead its new digital arm, hinting at the expansions and acquisitions to come.
Further details of the new entity
“This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece,” said OPAP CEO Jan Karas in the release. “I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”
The leadership of both companies is expected to remain the same after the acquisition is complete, with Karas, OPAP CFO Pavel Mucha, Allwyn CEO Robert Chvatal, and Allwyn CFO Kenneth Morton all remaining in place.
Allwyn will control almost 80% of the new combined entity, with other OPAP investors controlling the remainder. KKCG will possess 85% of the voting rights.
The company will be listed in Athens, and may in the near future seek a listing in the London or New York exchanges.
Further U.S. acquisitions may be coming for Allwyn, as hinted by Chief Investment Officer Stepan Dlouhy in a release at the time of the PrizePicks deal: “The United States gaming and entertainment market has always been a compelling opportunity, and our focus has been on finding the right entry points.”
Monday’s release noted that OPAP “has made a strategic decision to change its consumer brand from OPAP to Allwyn as of Q1 2026.” The completion of the transaction is subject to shareholder approval during a general meeting tentatively planned for either Q4 2025 or Q1 2026.
The merger is expected to be completed sometime in the first half of 2026.
