Allwyn, OPAP Create Lottery Giant in $18.6 Billion Merger

Greek gaming company OPAP and lottery behemoth Allwyn are joining in an all-equity merger valued at $18.56 billion.

The deal extends the buyer's multiyear acquisition binge that has allowed the privately owned business to become a worldwide lottery Goliath and increases Allwyn's already controlling interest in the target, making it one of the biggest lottery suppliers in the world.

"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.”

Allwyn, a Swiss company, held about 52% of OPAP as of Monday.  After the deal concludes, the Greek operator's investors will hold 21.5% of the newly formed business, which will be named Allwyn, while the buyer would own 78.5%.  In the first quarter of 2026, OPAP's consumer-facing brand will change to Allwyn.

The Allwyn, OPAP Agreement May Pave the Way for a New Share Listing

The newly established business "will remain listed on the Main Market of the Athens Stock Exchange," where it will rank among Greece's biggest businesses by market value across all industries, despite Allwyn being the buyer.

That might be a preliminary to listing shares in a bigger market, such London or New York, which Allwyn stated it will assess after the deal closes.  In 2022, Allwyn was on the verge of going public and listing in New York through a reverse merger with a special purpose acquisition company (SPAC). However, due to extreme market volatility, the plan, which was announced in January of that year, was abandoned eight months later.

Allwyn was valued at $9.3 billion in the botched SPAC deal, but considering the sum it is paying to acquire OPAP, it is obvious that the Swiss business is now worth much more.  Thanks in part to a number of lottery-related purchases, it is now profitable and far larger than it was three years ago.

“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.

The rationale for an Allwyn  Listing in New York Might Make Sense

Among other nations, Allwyn runs lotteries in Greece, Austria, Cyprus, the Czech Republic, and Italy.  US investors are also relatively familiar with the company.  In Illinois, one of the most populous states, it administers the lottery.

The Swiss business expanded its presence in the US last month when it announced that it had paid $1.6 billion in cash to purchase a 62.3% share in PrizePicks, a daily fantasy sports (DFS) operator.

The following day, PrizePicks received futures commission merchant (FCM) accreditation from the National Futures Association (NFA), allowing it to sell yes/no contracts that are governed by the Commodities Futures Trading Commission (CFTC). Allwyn's action proved to be prophetic.  To put it another way, PrizePicks is entering the prediction markets, and investors seeking exposure to the rapidly expanding event contracts market may find the firm interesting if Allwyn issues shares in the US.