Allwyn faces high stakes decision on dual stock market listing as UK National Lottery operator aims for global gaming dominance

Allwyn International, operator of the UK National Lottery, is on the cusp of a major transformation as it prepares for a merger with its Greek subsidiary Opap, positioning itself to become the world’s second largest listed gambling group.

The company, led by Czech billionaire Karel Komarek, will retain the Allwyn brand following the EUR 16 billion merger, with a primary listing planned for the Athens stock exchange. The choice of a secondary listing is drawing keen competition from both London and New York exchanges, each eager to attract the entertainment giant. If Allwyn selects London, it could deliver a much needed boost to the FTSE 100, bolstering the country’s financial market as it contends with stiff competition from the United States. Bankers argue that New York offers deeper capital markets and strategic synergy with America’s burgeoning sports betting industry.

Since Allwyn assumed control of the National Lottery from Camelot, it has set an ambitious goal of doubling annual returns to good causes by the end of its ten year licence period. The group has expanded beyond traditional lottery operations, acquiring stakes in Kaizen Gaming, Novibet, and recently securing a majority interest in PrizePicks, the largest daily fantasy sports operator in the US, for 1.6 billion dollars.

Allwyn is seeking to broaden its entertainment offering to include prediction markets, which have surged in popularity as investors look for platforms enabling users to wager on events beyond sport, including politics and television results. These market innovations promise new revenue streams and wider engagement, with PrizePicks chief executive Mike Ybarra highlighting the appeal of betting on television contests and major elections.

The company’s final decision on a secondary listing will hinge on where management sees the best investor enthusiasm and fairest recognition of its performance in the share price. The US market offers liquidity and strong equity research in gaming, especially with America’s rapid sports betting expansion. However, a London listing would strengthen Allwyn’s European investor base where the company still derives most of its revenues.

As Allwyn moves through the legal and operational complexities of transitioning UK lottery operations, it continues to invest in technological upgrades and improved player experiences. Challenges, such as delayed milestone achievements owing to legal disputes, have required considerable attention. Yet, Allwyn’s leadership is confident in the continued roll out of new digital products and enhancements.

The latest financials show net revenues for the recent quarter reached EUR 1.02 billion, marking five percent growth year on year. Although profits have dipped by eight percent due to unusually favourable sports results and one off restructuring costs, the group underlines the underlying strength of its core strategy and its readiness for the next expansion phase.

With the completion of its merger and the decision on its international listing imminent, Allwyn’s position at the intersection of European tradition and global gaming innovation has placed it front and centre in the battle for financial market supremacy.