Allwyn merges with OPAP in €16 billion deal

The European iGaming landscape is undergoing a considerable shift, with two blockbuster deals announced in quick succession, poised to create new global powerhouses. In a move that solidifies its position as a dominant force, Allwyn Entertainment has confirmed a full merger with Greek gaming operator OPAP, creating a combined entity with a staggering €16 billion equity valuation.

Hot on the heels of this announcement, Greek lottery giant Intralot has completed its own considerable acquisition of Bally’s Corporation’s International Interactive segment in a deal worth €2.7 billion, signalling a wave of consolidation sweeping the industry.

Allwyn and OPAP

The long-anticipated merger between Allwyn and OPAP has been formally approved by both companies’ boards. The all-share transaction will see the combined company operate under the Allwyn brand, creating what the companies claim will be the “second largest listed gaming entertainment company globally.”

Under the terms of the deal, Allwyn, which already controlled 51.8 per cent of OPAP, will fully integrate the Greek operator’s businesses in Greece and Cyprus. OPAP’s consumer brand will officially change to Allwyn starting in Q1 2026.

The strategic benefits are clear for both parties. OPAP’s shareholders gain exposure to Allwyn’s extensive global reach and brand recognition, while Allwyn absorbs a highly profitable and established operation as the cornerstone of its European expansion.

This merger caps a period of aggressive expansion for Allwyn, which recently took over the UK National Lottery and acquired Novibet. The company’s ambition was underscored by its founder and chair, Karel Komarek, who stated: “We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”

Intralot and Bally’s reach agreement in parallel mega-deal

In a parallel development that underscores the trend of consolidation, Athens-listed Intralot has completed the acquisition of Bally’s International Interactive business for a total consideration of €2.7 billion. The deal, comprising €1.53 billion in cash and €1.14 billion in new Intralot shares, makes Bally’s Corporation the majority shareholder of the newly formed entity with a 58 per cent stake.

The combined company, to be led by Bally’s CEO Robeson Reeves, aims to become a “global iGaming champion.” The merger brings together Intralot’s extensive lottery infrastructure and B2G relationships with Bally’s digital capabilities and its Vitruvian data platform.

For Bally’s, the transaction provides a significant capital injection. The company plans to use at least $1 billion of the proceeds to reduce its substantial secured debt, freeing up liquidity to focus on its key US development projects, including a casino in Chicago and a planned resort on the Las Vegas Strip.

The simultaneous announcement of these two major deals signals a new era for the global gaming industry. The creation of the Allwyn-OPAP behemoth immediately establishes a formidable competitor to global leader Flutter Entertainment, with immense scale across lotteries, sports betting, and iGaming.

Meanwhile, the Intralot-Bally’s union creates a powerful new player with a unique blend of lottery expertise and digital firepower, poised for international growth.

For the markets involved, particularly Greece, these deals reinforce the Athens Stock Exchange as a significant player for gaming investment. As these new titans leverage their combined scale, technology, and customer bases, they have helped setting the stage for a fiercely competitive future.