A major shift is underway in the global lottery and gaming landscape as Allwyn International AG and OPAP SA officially move forward with a merger valued at €16 billion. The all-share deal between the Lucerne-based lottery operator and Greece’s dominant gaming firm will create one of the world’s largest listed lottery companies, uniting their extensive European and US operations under the Allwyn brand.

Creating a Global Powerhouse

Both companies’ boards of directors have approved the merger, which will consolidate their assets and operations into a single multinational entity. The new company, to be named Allwyn, will initially remain listed on the Athens Stock Exchange, with plans to pursue an additional listing in London or New York following regulatory approval. The transaction is expected to close in the first half of 2026, pending shareholder and regulatory consent.

As reported by Reuters, under the agreed terms, Allwyn will hold a 78.5% stake in the merged group, while OPAP shareholders (excluding Allwyn) will retain the remaining 21.5%. The KKCG Group, owned by Czech billionaire Karel Komarek, will control 85% of voting rights and remain the driving force behind the new enterprise.

Komarek, who also chairs Allwyn, described the deal as transformative: “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.”

He added that the group’s mission remains clear: “to build the world’s leading global gaming entertainment company.”

The combination cements Allwyn’s dominance as the world’s largest listed lottery company and the second largest gaming entertainment group globally, behind Flutter Entertainment. The deal expands Allwyn’s already diverse portfolio, which includes operations in the UK, Austria, Czech Republic, Greece, and the United States, where it manages the Illinois Lottery.

Allwyn currently operates the UK National Lottery, having taken over the licence from Camelot in February 2024. Its 2024 financial results reported €8.8 billion in revenue and €1.5 billion in adjusted EBITDA, marking a 12% year-on-year increase. For the 12 months ending June 2025, the company recorded €1.9 billion in pro forma EBITDA, underscoring its strong growth trajectory.

In Greece, OPAP holds a dominant position in both sports betting and national lottery operations, while also maintaining a stake in online gaming firms such as Kaizen Gaming, the operator of Betano, and reportedly seeking majority ownership in Novibet. OPAP CEO Jan Karas said the merger marks an important step forward: “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece. I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”

Strengthening Technology and Expanding into New Markets

For Allwyn, the OPAP merger represents another milestone in a rapid global expansion. Earlier this year, Allwyn acquired a majority stake in PrizePicks, a leading US daily fantasy sports operator, in a deal valuing the company at $1.6 billion. The acquisition bolsters Allwyn’s reach into the American sports entertainment and prediction markets, aligning with its strategy to diversify beyond traditional lotteries.

Analysts have suggested that Allwyn’s latest valuation surge—now estimated at €16 billion—could accelerate its international listing ambitions. The merger strengthens its balance sheet and broadens access to new markets and capital, providing a foundation for future IPO plans in major financial hubs.

Following the merger, Robert Chvatal and Kenneth Morton will remain CEO and CFO of Allwyn, respectively, while Jan Karas and Pavel Mucha will continue leading OPAP’s operations in Greece and Cyprus. The company’s headquarters will remain in Switzerland, reinforcing its international identity while maintaining OPAP’s local listing.

Allwyn characterized the transaction as a “major milestone” that positions the group for sustained global expansion. “This transaction marks a further milestone in Allwyn’s successful journey,” said CEO Chvatal. “Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation. With this combination, we will be able to grow further, faster as we deploy Group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”