Allwyn International AG has announced the termination of its proposed €217 million acquisition of Novibet, a major Greek online sports betting and gaming operator. The decision comes after feedback from the Hellenic Competition Commission (HCC), which raised concerns about the potential for reduced competition in the Greek gaming market.

The acquisition was initially intended to see Allwyn, the Czech gaming giant, acquire a controlling stake in Logflex MT Holding Limited, the parent company of Novibet. The deal would have marked a significant expansion of Allwyn’s presence in Greece, a market where the company already holds a leading position through its subsidiary OPAP.

Regulatory Concerns Lead to Withdrawal

In a statement issued on March 4, 2026, Allwyn explained that it and Logflex MT Holding Limited had jointly decided to withdraw the transaction from review by the Hellenic Competition Commission. The decision to abandon the deal came after the HCC issued a Statement of Objections in December 2025, expressing concerns that the acquisition could harm effective competition in the Greek online betting and casino markets.

The HCC highlighted that Novibet’s aggressive pricing strategy, strong advertising expenditure, and user-friendly platform had allowed the operator to effectively challenge Allwyn’s dominant market position in Greece. The regulatory body warned that the merger would eliminate Novibet as a competitive force, further solidifying Allwyn’s dominant position and limiting market competition.

The Statement of Objections argued that Allwyn’s already substantial share of the Greek market, combined with Novibet’s competitive capabilities, would result in a situation where no other competitor could rival the newly formed entity’s strength. “Allwyn seeks… to acquire sole control over a close competitor, namely the only operator that has proven capable of competing on equal terms,” the HCC stated.

Despite these regulatory concerns, Allwyn expressed its commitment to pursuing transactions that provide clear value for shareholders, ultimately deciding not to proceed with the acquisition, as stated on the company’s website.

Allwyn’s Presence in Greece and Market Dynamics

Allwyn’s operations in Greece are extensive, with the company holding exclusive licenses for a variety of gambling services through OPAP. These services include land-based sports betting, online gaming, lotteries, and video lottery terminals (VLTs). Allwyn’s dominant position in the Greek gaming market, especially in the online sports betting sector, has raised concerns about the company’s potential to monopolize the market if it were to absorb Novibet.

Novibet, on the other hand, has been a significant player in the Greek market, offering competitive odds, aggressive bonuses, and a robust digital platform. The company’s ability to disrupt the Greek gambling market and capture market share from Allwyn and its subsidiary OPAP has been particularly noteworthy in recent years.

The HCC noted that since 2021, Novibet has been the only operator able to challenge OPAP’s market leadership. Its success is attributed to its competitive pricing, extensive advertising efforts, and a platform that appeals to Greek players through personalized experiences. As such, the HCC’s objections focused on the fact that acquiring Novibet would remove a key competitor from the market, reducing consumer choice and increasing the potential for anti-competitive practices.

While Allwyn’s proposed acquisition of Novibet has been abandoned, the company remains focused on its growth strategy in Greece. OPAP’s ongoing success in the market, alongside Allwyn’s other gambling interests, makes Greece a core component of its overall business operations.

In the face of regulatory scrutiny, Allwyn will likely continue to explore other avenues for expansion while adhering to the necessary regulatory frameworks in place. The company has not ruled out future acquisitions but emphasized its commitment to pursuing transactions that will provide long-term value for its stakeholders.