Lottery Operator Allwyn and OPAP Agree on €16bn Merger

European lottery giant Allwyn has announced a merger with Greek gaming operator OPAP, creating a combined company with an estimated market valuation of around €16 billion, according to BusinessNews.gr. The merged entity will retain the Allwyn name and become one of the largest publicly listed gaming and entertainment operators in the world.

The deal builds on a partnership that began in 2013, when KKCG Group — Allwyn’s controlling shareholder — first acquired a stake in OPAP.

Currently, Allwyn holds 51.78% of OPAP’s shares, and upon completion of the merger its stake in the new structure is expected to reach approximately 78.5%.

Under the terms of the agreement, starting in early 2026, OPAP will operate under the Allwyn brand while retaining its listing on the Athens Stock Exchange, where it will rank among the largest companies by market capitalization. In parallel, Allwyn is considering an additional stock listing in London or New York to further strengthen its international presence.

The merger forms part of Allwyn’s broader European expansion strategy. After securing the contract to operate the UK National Lottery, the company has continued to grow its portfolio. In spring 2025, Allwyn completed the acquisition of Novibet for €217 million and announced a $1.6 billion deal to acquire 62.3% of PrizePicks, a US-based fantasy sports operator.

Greek Minister of National Economy and Finance Kyriakos Pierrakakis described the merger between Allwyn and OPAP as “a strategic partnership capable of transforming a national company into a global leader.” He added that the deal would boost confidence in the Greek economy and enhance the status of the Athens Stock Exchange.