Allwyn OPAP Merger to Forge Europes Gambling Giant with Greek Stock Listing

Allwyn, the operator of the UK’s National Lottery, has announced a landmark €16bn (£13.8bn) merger with its Greek subsidiary OPAP, marking a major step in reshaping the global gambling landscape. This ambitious deal will see Allwyn and OPAP merge their operations, creating the world’s second-largest listed gambling business. The move underscores the dynamic expansion strategy of the Czech billionaire Karel Komárek, whose holding company KKCG first invested in OPAP back in 2013 before assuming full control by 2019.

Once finalised, the combined group—retaining the Allwyn name—will be listed on the Athens Stock Exchange. The new entity expects to pursue a secondary listing in either London or New York. This follows Allwyn’s previously aborted attempt to secure a primary listing in New York through a special purpose acquisition company (Spac) in 2022, which had valued the business at $9.3bn (£7bn).

The merger is the latest in a string of bold moves for Allwyn, which recently acquired a $1.6bn stake in the fast-growing US fantasy sports operator PrizePicks. For Komárek, the transaction offers a platform to accelerate innovation and secure significant growth in international markets beyond Europe.

This strategic shift comes at a time when Allwyn is facing mounting scrutiny in the UK. Having taken control of the National Lottery from Camelot in February 2024, Allwyn has struggled with IT challenges and litigation, leaving it trailing its own targets for ticket sales and charitable contributions. The UK Treasury, as reported last week, anticipates a tax shortfall of more than £8bn over the decade of the current lottery licence.

The ownership and corporate governance of OPAP has at times proved contentious. Allwyn’s control stems from a 2013 acquisition, when Komárek and other investors secured a 33 per cent stake from the financially stricken Greek government. Questions lingered over the backgrounds of certain stakeholders, but Komárek has since distanced the company from controversial partners and dissolved problematic joint ventures, including cutting ties with state-backed Russian interests.

The completed merger will grant Allwyn around a 78.5 per cent holding in the combined group, which will remain under the stewardship of chief executive Robert Chvátal. Chvátal emphasises that the deal enables Allwyn to wield its unified brand, in-house technology and pan-European expertise—poised to capitalise on opportunities within both established and emerging gambling markets. This development may signal the beginning of an era of broader European gambling consolidation, positioning Athens as a critical financial hub for the sector.