Posted on: October 13, 2025, 01:30h.
Last updated on: October 13, 2025, 01:42h.
- Deal creates one of the world’s largest lottery companies
- Merger could result in buyer listing shares in London or New York
- Allwyn to control 78.5% of new company
Lottery giant Allwyn and Greek gaming company OPAP are merging in an all-equity deal that values the latter at $18.56 billion.
The transaction, which expands Allwyn’s already majority stake of the target, will create one of the largest lottery providers in the world and extends the buyer’s multiyear acquisition binge that’s enabled the privately held company to become a global lottery Goliath.
The Transaction marks a major milestone in the evolution of both companies. It will bring together two leading gaming operators, creating the second largest listed gaming entertainment company globally, with multiple diverse, fast-growing and market-leading positions across Europe, the United States and other international markets,” according to a statement. “The Transaction builds on the existing successful partnership between OPAP and Allwyn which goes back to 2013, when KKCG, the controlling shareholder of Allwyn, first invested in OPAP.”
Entering Monday, Switzerland-based Allwyn owned nearly 52% of OPAP. When the transaction closes, the buyer will own 78.5% of the newly created company, which will bear the Allwyn name, while the Greek operator’s investors will control the remaining 21.5%. OPAP’s consumer-facing brand will shift to Allwyn in the first quarter of 2026.
Allwyn, OPAP Deal Could Be Precursor to New Share Listing
Although closely held Allwyn is the buyer, the newly created company “will remain listed on the Main Market of the Athens Stock Exchange” where it will be one of Greece’s largest companies by market value from any industry.
That could be a prelude to a share listing in a larger market, such as London or New York — something Allwyn mentioned it will evaluate following closing of the deal. Allwyn was close to going public and listing in New York in 2022 via a reverse merger with a special purpose acquisition company (SPAC), but that deal, which was announced in January of that year, was scrapped eight months later amid soaring market volatility.
The collapsed SPAC deal valued Allwyn at $9.3 billion, but given the price it’s paying to take over OPAP, it’s clear the Swiss company is worth significantly more today. It’s also profitable and much larger than it was three years ago, thanks in part to a series of lottery-related acquisitions.
“The Combined Company will be the second largest listed lottery and gaming operator globally, as well as the largest listed lottery company, and well-positioned to capitalise on key industry trends,” according to the press release.
Why an Allwyn New York Listing Could Make Sense
Allwyn operates lotteries in Austria, Cyprus, the Czech Republic, Italy, and Greece, among other countries. The company is somewhat familiar to US investors, too. It runs the lottery in Illinois, one of the most populous states.
Last month, the Swiss company bolstered its US footprint by announcing the acquisition of a 62.3% stake in daily fantasy sports (DFS) operator PrizePicks for $1.6 billion in cash.
That move proved prescient on Allwyn’s part because the next day, PrizePicks won futures commission merchant (FCM) designation from the National Futures Association (NFA), meaning it can sell yes/no contracts that are regulated by the Commodities Futures Trading Commission (CFTC). In other words, PrizePicks is getting into prediction markets, and if Allwyn lists shares in the US, the stock could be appealing to investors looking for exposure to the fast-growing event contracts space.
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