A new era for the leading Greek gambling organization marks agreement between OPAP and Allwyn, launching an international growth model and significant multiple benefits for shareholders and investors.
It is a “agreement that creates a more powerful, more durable and more innovative business for the future”, as Jan Karas, president and CEO of OPAP, pointed out today (13.10.2025).
It is noted that the partnership brings close two established leaders – an organization with deep roots in the Greek market and a multinational innovative player, creating a form capable of starring worldwide. “The transaction offers both income and growth for investors,” Mr Karas said, stressing that the consolidated company “will boost any basic commercial lever that matters in the game industry – scale, development, digital leadership, technology and flexibility.”
A global figure with a Greek base
The new corporate scheme, valued over 16 billion euros, will operate under the name Allwyn and will have a statutes in Switzerland, while maintaining its main import to the Athens Stock Exchange.
Allwyn, who already controls 51.8% of OPAP, will hold 78.5% of the consolidated group, while existing minority shareholders will keep 21.5%. OPAP will also adopt the Allwyn brand in Greece, utilizing an international brand associated with innovation and entertainment.
The new corporate structure aims to provide increased differentiation, higher quality cash flow and enhanced development flexibility. The integration of activities into seven lottery and betting markets will lead to a portfolio with over 50% of revenue coming from digital channels, offering a significant exposure to international gaming digitization trends.
Financial benefits and perspective for shareholders
The financial data of the agreement is just as positive. The OPAP administration points out that the transaction is a growing two -digit rate in net and customized profits per share, as well as free cash flows from the first year after its completion. Shareholders will continue to receive a basic dividend of 1 euro per share, with additional capabilities through special distributions or shares.
In addition, an intermediate dividend of EUR 0.50 is provided in November 2025 and an emergency distribution of EUR 0.80 upon completion of the transaction.
In addition to the dividends, the agreement allows OPAP to actively participate in an international group with higher growth rates and stronger differentiation, reducing its dependence on the Greek market and balancing the future impacts from the expiry of the GGR regime after 2030.
Strengthening OPAP’s position and perspective
Eurobank Equities describes the agreement as a “move that transforms OPAP” as it drives it from a defensive, dividend profile in a dynamic, international development phase. With a total capitalization of about 16 billion euros, the new group is expected to be the second largest listed player in the world in the ransom and gaming, with annual net revenue of more than € 5.2 billion and customized EBITDA around € 1.9 billion.
At the same time, the agreement offers strategic benefits for Allwyn, which acquires an immediate presence on the Greek Stock Exchange and the possibility of future secondary imports to international markets, such as London or New York. The transaction expands sources of capital and strengthens the group’s position in a global market that favors large, differentiated providers with technological superiority.
For Jan Karas, the deal represents a “fundamental level change” for OPAP, enabling shareholders the opportunity to participate in the success of a world leader. The new, unified Allwyn will have the scale, technological platform and strategy flexibility required by the modern gaming industry – with a prospect for faster innovation, more stable revenue flows and substantial value creation for the future.