Published on: October 13, 2025, 01:30h.
Updated on: October 13, 2025, 01:42h.
- Merger forms one of the largest lottery enterprises worldwide
- Potential for shares to list in London or New York
- Allwyn to own 78.5% of the new entity
The lottery behemoth Allwyn is joining forces with Greek gaming firm OPAP in an all-equity transaction valuing OPAP at $18.56 billion.
This merger further increases Allwyn’s controlling stake in OPAP, forming one of the preeminent lottery service providers globally and expanding the buyer’s multi-year acquisition strategy that has transformed it into a global lottery titan.
The merger represents a significant milestone for both companies, merging two leading gaming entities to form the second-largest publicly traded gaming entertainment company in the world. This partnership capitalizes on diverse and rapidly expanding market positions across Europe, the U.S., and other international regions. This collaboration builds upon a successful relationship that began in 2013 when KKCG, the primary shareholder of Allwyn, initially invested in OPAP.
Prior to the merger, Allwyn, based in Switzerland, held nearly 52% of OPAP. Following the transaction’s completion, Allwyn is set to control 78.5% of the newly formed entity, which will carry the Allwyn brand, while OPAP’s investors will retain 21.5%. OPAP’s consumer-facing brand will transition to Allwyn in the first quarter of 2026.
Allwyn and OPAP Merger: A Step Towards New Share Listing?
Despite Allwyn being the acquiring party, the newly established firm will continue to be listed on the Main Market of the Athens Stock Exchange, positioning itself as one of Greece’s most prominent companies by market capitalization across any sector.
This could signal a future share listing in more expansive markets, such as London or New York—an option Allwyn has hinted it may explore after the merger is finalized. In 2022, Allwyn was poised to go public through a reverse merger with a special purpose acquisition company (SPAC), but that plan was abandoned eight months later due to extreme market fluctuations.
The now-defunct SPAC deal valued Allwyn at $9.3 billion. However, with the current acquisition of OPAP, it’s evident that Allwyn is now worth significantly more. The company has experienced profitable growth and expansion due to numerous lottery-related acquisitions over the past three years.
“The Newly Combined Company will rank as the second-largest publicly traded lottery and gaming operator globally and as the largest publicly listed lottery company, strategically positioned to leverage key trends in the industry,” according to the press release.
Potential Strategies for an Allwyn Listing in New York
Allwyn conducts lottery operations in countries such as Austria, Cyprus, the Czech Republic, Italy, and Greece. Additionally, it has some recognition among U.S. investors since it oversees the lottery in Illinois, one of the nation’s most populous states.
Recently, the Swiss firm increased its U.S. presence by acquiring a 62.3% stake in daily fantasy sports (DFS) operator PrizePicks for $1.6 billion in cash.
This strategic move allowed Allwyn to gain a significant advantage as PrizePicks subsequently obtained futures commission merchant (FCM) designation from the National Futures Association (NFA), permitting it to sell yes/no contracts regulated by the Commodities Futures Trading Commission (CFTC). Thus, PrizePicks is entering the prediction market, and potential U.S. investors might find Allwyn shares compelling as the company expands into the burgeoning event contracts sector.