Allwyn has officially started trading on the Athens Stock Exchange following the completion of its merger with Greek lottery operator OPAP, marking a significant step in the company’s transformation into a publicly listed entity.

The transaction, first announced in October 2025, brings together Allwyn International and OPAP into a single business. The combined group reflects a long-standing partnership that began in 2013, when KKCG Group first invested in OPAP. At the time the merger agreement was reached, KKCG held a 51.8% stake in the Greek operator.

OPAP shareholders approved the deal earlier this year, with strong backing for the combination. More than 93% of OPAP’s share capital remained invested in the newly formed entity, while a smaller portion of investors—6.7%—chose a cash exit option at €19.04 per share rather than exchanging their holdings for shares in the combined company.

Trading debut and company structure

Shares in Allwyn AG are now trading under the ticker symbol ALWN, replacing OPAP’s previous listing. On its first day of trading, the stock closed at €14.08 per share, down 2.76%. The company’s market capitalization stood at €5.05 billion at the close of trading.

The newly listed entity has approximately 770.8 million shares outstanding, excluding treasury shares. Around 166.4 million shares, or 22% of the total, are available as free float, while KKCG continues to hold the remaining majority stake.

The merger creates what the company describes as the second-largest publicly listed lottery and gaming operator globally. The combined platform spans multiple geographies and products, supported by a mix of digital capabilities, content offerings, and established market positions.

Leadership outlines future plans

Company leadership framed the listing as a key moment in Allwyn’s development. Founder and chair Karel Komarek 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.”

Chief executive Robert Chvatal also emphasized the importance of the milestone, stating: “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.”

Expansion strategy and shareholder returns

Following the merger, Allwyn has outlined several strategic priorities. The company confirmed plans to seek a secondary listing on another major international exchange, with London and New York under consideration. It also intends to move its corporate headquarters from Luxembourg to Switzerland by the end of the second quarter of 2026.

In addition, Allwyn plans to return capital to investors. The company announced its intention to distribute €0.80 per share to shareholders once it completes the purchase of shares tied to the cash exit option. A scrip alternative will also be offered, with further details to follow.

The group’s financial position has been supported by steady growth. In its most recent full-year results, Allwyn reported total revenue of €8.99 billion for 2025, representing a 4% increase compared to the previous year.

The merger also follows Allwyn’s acquisition of a controlling interest in PrizePicks earlier in the year, a move that strengthened its presence in the United States market.