Allwyn Completes Landmark Business Combination with OPAP

Allwyn AG has finalised its business combination with OPAP S.A., establishing the second-largest listed lottery and gaming operator globally. The transaction, completed on 24 March 2026, integrates Allwyn International AG’s operations with OPAP’s established presence in Greece and Cyprus, creating a major consolidated entity listed on the Athens Stock Exchange.

The deal marks a significant consolidation in the international lottery sector, combining Allwyn’s multi-jurisdictional expertise — including its operation of the UK National Lottery — with OPAP’s strong regional footprint. It is expected to drive operational synergies, accelerate innovation in draw games and digital platforms, and enhance long-term value for stakeholders while maintaining focus on responsible gaming and societal contributions.

Key Takeaways:

• The combination creates a powerful listed player with enhanced scale to invest in technology, product development, and market expansion across Europe.
• OPAP’s consumer brand transitions to Allwyn, aligning operations under a unified identity while preserving core lottery mandates.
• Shareholder support remained robust, with only 6.7% exercising exit rights, reflecting confidence in the strategic benefits.

The all-share transaction, first outlined in late 2025, values the combined business at approximately €16 billion in equity terms. Following shareholder approval and regulatory clearances, the deal proceeded after the boards waived the cash exit condition, ensuring continuity for the vast majority of investors. OPAP will undergo cross-border conversion and redomicile elements as part of the process, with Allwyn planning further redomicile to Switzerland by the end of Q2 2026.

Allwyn CEO Robert Chvatal highlighted the milestone, noting that the combination positions the group as a leader capable of sustained growth and innovation. The merged entity benefits from diversified revenue streams across lotteries, gaming, and related services, strengthening its ability to deliver returns to good causes and shareholders alike.

Industry observers view the move as emblematic of broader consolidation trends in mature lottery markets, where scale enables better technology upgrades, responsible gaming tools, and competitive positioning against other entertainment options. The integration is expected to unlock efficiencies in procurement, data analytics, and player engagement systems without disrupting existing operations or player experiences.

Post-completion, the group anticipates accelerated rollout of modernized products and digital enhancements, building on Allwyn’s recent UK infrastructure investments. This development reinforces Allwyn’s ambition to lead in regulated lottery and gaming, prioritizing transparency, integrity, and public benefit.

The timing aligns with the evolving European regulatory landscape, which favors well-capitalized, compliant operators. By creating a larger platform, the combined business is better equipped to navigate digital transformation while upholding the societal role of lotteries.

Sources: Allwyn official announcement (allwyn.com, 24 March 2026), OPAP regulatory filing (investors.opap.gr, 24 March 2026)