Finance
Czech billionaire's Allwyn and OPAP create $18.6 billion lottery powerhouse
Published by Global Banking & Finance Review®
Posted on October 13, 2025
3 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 13, 2025
3 min readLast updated: January 21, 2026
Allwyn and OPAP merge in a $18.6 billion deal, forming a global lottery giant. The merger aims for a future listing in major financial centers.
By Jason Hovet and Paul Sandle
(Reuters) -European lottery group Allwyn International and Greek gaming firm OPAP will merge in an all-share deal valuing the new company at 16 billion euros ($18.56 billion), they said on Monday, creating one of the world's biggest lottery operators.
Privately owned Allwyn has been expanding rapidly in recent years, taking over lottery operators in the U.S. and Britain's National Lottery. The tie-up with OPAP is a step toward a listing in a major centre like London or New York, the companies said.
KKCG, the investment group of Czech billionaire Karel Komarek and main owner of Allwyn, will have 85% of voting rights. Allwyn already owns a 52% controlling stake in OPAP.
Komarek said the deal would create the world's biggest lottery entertainment company, second biggest listed gaming group and one of the biggest companies on the Athens exchange.
LONDON OR NEW YORK SECONDARY LISTING
Allwyn had previously taken steps to list, initially in London, but was derailed by Brexit.
A second attempt in New York with blank-check firm Cohn Robbins Holdings was cancelled in 2002, citing volatile market conditions. It would have seen its shares list at an enterprise value of $9.3 billion.
"We are experienced with both markets already," Komarek said in an interview. "We should discuss with both markets and choose the one which will be best for investors and for the company. We have no preference as we speak."
Komarek, who built his wealth in oil and gas, said access to equity markets as well as debt markets would help Allwyn in its next stage of growth, after its expansion for the last 13 years, driven through acquisitions.
LOTTERY OPPORTUNITIES
The group, which operates lotteries in Italy and Austria as well as Britain and Illinois in the U.S., would target European countries or U.S. states looking to bring in a private operator, KKCG CFO Katarina Kohlmayer said.
"With our expertise, skill set and products, we would, of course, be interested in competing for these opportunities," she said, adding that France and Iceland could be future possibilities.
Allwyn said completion was expected in the first half of 2026, subject to shareholder and regulatory approvals.
It will hold 78.5% in the combined company, while OPAP shareholders, excluding Allwyn, will hold the remaining 21.5% in the combined group, which will remain listed in Athens.
In 2024, Allwyn reported adjusted earnings before interest, tax, depreciation and amortisation of 1.5 billion euros, on revenue of 8.8 billion, a 12% year-on-year rise.
Last month Allwyn said it would acquire a majority stake in U.S. fantasy sports operator PrizePicks in a deal valuing the Atlanta-based company at $1.6 billion.
KKCG sold a 4.3% stake in Allwyn to Czech-Slovak group J&T Arch Fund in August, valuing the lottery group at 11.2 billion euros.
($1 = 0.8618 euros)
(Reporting by Jason Hovet in Prague, Athina Karolidou in Gdansk and Paul Sandle and Amy-Jo Crowley in London; Editing by Joe Bavier and Louise Heavens)
A merger is a business combination where two companies join to form a single entity, often to enhance market share, reduce competition, or achieve economies of scale.
Market capitalization is the total market value of a company's outstanding shares, calculated by multiplying the share price by the total number of shares.
A controlling stake refers to owning enough shares in a company to influence its decisions and operations, typically more than 50% of the voting shares.
Adjusted EBITDA is a measure of a company's overall financial performance, excluding certain non-recurring items, providing a clearer view of operational profitability.
A secondary listing occurs when a company lists its shares on a stock exchange outside its primary market, allowing access to a broader investor base.
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