Allwyn has completed its business combination with OPAP, creating the second-largest listed lottery and gaming operator globally, valued at €16 billion. The merged entity began trading on the Athens Stock Exchange on 25 March 2026 under the ticker symbol ALWN, replacing OPAP’s previous listing.
The deal was first agreed by the boards of both companies in October 2025. OPAP shareholders gave their approval at an Extraordinary General Meeting in January 2026. Approximately 6.7% of OPAP shareholders exercised their Exit Right, taking a cash payment of €19.04 per share rather than receiving shares in the combined company.
Ownership Structure and Scale
Following completion, KKCG, the Czech investment group that controls Allwyn, holds 78.4% of voting rights in the combined business. The remaining 21.6% constitutes the free float, including shares held by J&T ARCH, a minority shareholder in Allwyn.
The transaction unites two operators that have been aligned since 2013, when KKCG first acquired a stake in OPAP. At the time the merger was agreed, Allwyn held a 51.78% stake in the Greek operator. That stake has now been subsumed into a single consolidated group.
The combined company’s pro forma EBITDA was €1.9 billion for the 12 months to June 2025. On its first day of trading in Athens, Allwyn AG shares closed at €14.08, down 2.76%.
OPAP is the leading gaming company in Greece and Cyprus, holding exclusive rights to numerical lotteries, land-based sports betting, and VLTs in Greece, as well as numerical lotteries in Cyprus. Allwyn operates lottery and gaming businesses across multiple European markets, including the UK National Lottery, Czech lottery operator Sazka, and Austrian lottery operator ÖLG, as well as the Camelot US business.
What the Combination Creates
The merged Allwyn is positioned as the second-largest listed gaming company globally and the largest listed lottery operator. Its portfolio now spans multiple European markets, the United States, and other international positions. The group describes itself as highly diversified by product, geography, and distribution channel.
Allwyn has also confirmed it will distribute €0.80 per share to shareholders.
CEO Robert Chvátal framed the Athens listing as the start of a new phase for the company rather than a destination in itself.
“This is a major strategic milestone for Allwyn, and we start our journey as a publicly listed global leader with a strengthened platform, enhanced financial flexibility, and a world-class team. We are very confident that our leading market positions, high degree of diversification, and strong cash generation position us well to drive sustainable growth and continued value creation as we invest in innovation and future opportunities across our markets.”
Karel Komárek, founder and chair of both KKCG and Allwyn, said the merger built on more than a decade of track record.
“Today, Allwyn moves into a new chapter – one that builds on the momentum that already characterises our business. Over the past 13 years, we’ve shown the significant and sustainable value we create for shareholders, for society, and through the experiences we deliver to players.”
Next Steps: Redomiciliation and Secondary Listing
The completion of the Athens listing is not the end of the corporate restructuring. Allwyn has confirmed it remains on track to redomicile from Luxembourg to Switzerland before the end of H1 2026. The company is also pursuing a secondary listing on a major international exchange, with the London Stock Exchange and the New York Stock Exchange both identified as options under consideration.
The move to a secondary international listing would broaden Allwyn’s investor base significantly. A London listing would put it alongside Flutter Entertainment and Entain on the FTSE, giving institutional investors a familiar access point for European gaming exposure. A New York listing would open the stock to US capital markets, where gaming sector appetite has grown alongside the expansion of regulated sports betting.
Allwyn’s path to this point has not been without detours. The company recently terminated a separate €327 million acquisition of Novibet after Greece’s Hellenic Competition Commission raised antitrust objections. Chvátal has since confirmed the company is back in the market for proprietary sportsbook technology, with the OPAP combination now providing the financial platform to pursue further deals.
The €16 billion combined entity puts Allwyn well ahead of most listed European gaming peers by equity value, and the Athens listing gives it a home market anchor in one of Europe’s fastest-growing iGaming markets.
Source: Allwyn
