Allwyn abandons Novibet acquisition following HCC market concerns
Allwyn has abandoned its planned acquisition of Greek bookmaker Novibet. The reason was serious concerns from the national antitrust regulator HCC regarding market concentration. The deal, announced in December 2024, involved the purchase of 51% of Logflex shares, the owner of Novibet, for €217 million with additional payments of up to €110 million in the form of an earn-out mechanism.
At the time, the transaction was seen as an important step for Allwyn in entering the the European online betting and iGaming market. Novibet has offices in Brazil, Greece and Malta. The brand is active across in the European and Latin American markets.
Regulator concerns proved decisive
Novibet was the second-largest operator in the Greek iGaming market and a key player in the country. Allwyn CEO Robert Hvatal had previously spoken positively about Novibet, noting its growth in several markets and its capacity for innovation. However, the deal, which was scheduled to close in the second half of 2025, did not go through.
In a joint statement, Allwyn and Logflex announced that, based on feedback from HCC, the parties had decided to withdraw their application for approval of the acquisition. Allwyn added that it would continue to consider only those transactions that deliver clear value to shareholders. For example, on 19 January 2026, the company acquired 62.3% of PrizePicks for $1.5 billion. The parties expect this to help accelerate product scaling and expand into the North American prediction markets sector.
Consolidation of the Greek lottery market
The cancellation of the Novibet deal is linked to Allwyn’s broader strategic objectives. In October last year, the company announced a merger with the Greek market leader, OPAP, in an all-share deal worth €16 billion. The combined entity is expected to become the second-largest public lottery and gaming operator in the world. The merger is scheduled to be completed in the second quarter of 2026.
As a result of the merger, Allwyn will include OPAP, the operator Stoiximan and a significant stake in Betano. On 26 November 2025, Growthfund announced that OPAP Investment Limited had been selected as the preferred investor in the tender for a 12-year exclusive concession to produce, manage, operate, promote and use Greek state lotteries. This significantly reshapes the Greek gaming market and strengthens the position of the new conglomerate.
OPAP revenues reach record levels
According to a recent financial report, OPAP’s GGR for 2025 grew by 4.9% to a record €2.4 billion, compared to €2.29 billion in the previous year. This is driven by steady growth in online operations and retail activity. GGR for the fourth quarter of 2025 was €652 million, up 0.6%. VLT terminals showed growth of 9.2%, while online casinos grew by 16.2%.
Gross profit from gaming activities increased by 5.1% to €1.018 billion last year, compared to €969.7 million in 2024, outpacing revenue growth. In the fourth quarter of 2025, gross profit amounted to €278.4 million, up 0.4% compared to €277.2 million in the same period of the previous year.
At the end of last year, OPAP also announced a strategic rebranding: from the first quarter of 2026, the company transitioned to the consumer brand Allwyn. The asset merger transaction created a new structure with legal headquarters in Luxembourg (LuxCo) and subsequent re-registration in Switzerland, Allwyn’s current headquarters.
This article was first published in Russian on 6 March 2026.
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