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Read Full BioAllwyn International and Greece’s OPAP have announced a €16 billion ($18.5 billion) all-share merger, forming the world’s second-largest listed gaming entertainment company.
Allwyn currently holds a 51.78% stake in OPAP, but the new deal will see its share increased to 78.5% of the combined entity, which will be renamed Allwyn. OPAP shareholders will retain the remaining 21.5%. The merger is expected to close in the first half of 2026, pending shareholder and regulatory approval.
In a press release, Allwyn said, “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.”
Following the completion of the deal, the merged company will remain listed on the Athens Stock Exchange. Allwyn also intends to pursue an additional listing on an international exchange, such as London or New York.
Allwyn Second Only to Flutter in Gaming Industry
OPAP is a major sports betting brand and operator of the National Lottery in Greece. The merger further strengthens Allwyn’s position in Europe. The company has also been operating the UK’s National Lottery since last year, in addition to lotteries in Austria and the Czech Republic.
Allwyn reported revenue growth of 6% from €4.25 billion ($4.92 billion) in H1 2024 to €4.5 billion ($5.21 billion) this year, with EBITDA also rising 4% to €728 million ($842 million). The combination with OPAP makes it the second-largest gaming company, behind only Flutter.
Flutter, however, has seen its stocks slide of late, with its share price dropping from 21,080 GBX at the end of September to 17,390 GBX on October 7. The slide has been attributed to the rise in prediction markets, with Kalshi threatening to capture a significant portion of the US sports betting market.
FanDuel, the US arm of Flutter, has made a deal with prediction market platform CME, but it has no immediate plans to offer sports markets.
Allwyn Expanding Globally With Mergers & Acquisitions
Allwyn has made moves to enter the prediction market space. The company acquired PrizePicks for $1.6 billion last month. Following the acquisition, PrizePicks gained approval from the Commodity Futures Trading Commission (CFTC). Licensed as a futures commission merchant (FCM), PrizePicks can partner with a prediction market platform such as Crypto.com, Kalshi, or Polymarket to offer its markets.
Commenting on the OPAP merger, Karel Komarek, Founder & Chair of Allwyn, highlighted the company’s ambition. He stated, “We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”
