Allwyn has announced it has acquired 51.78% of the Organisation of Football Prognostics (OPAP) shares and will merge the two businesses to create a combined entity worth around €16bn ($18.6bn).
Founded in 1958, OPAP began life offering football prediction markets before branching out into games of chance to become one of the longest-running gambling operators in the world.
Over the years, the operator survived several Royal Decrees, the Greek military dictatorship, the Metapolitefsi era, launching on the stock market, being taken off the stock market to go private and even going online.
The company holds the exclusive rights to run lotteries and sports betting services in Greece, and is currently listed on the Athens stock market under the predictable ticker, OPAP.
This means that through the merger, not only will Allwyn gain uncontested access to the Greek market, but it will also give the company a presence on the stock market - a significant driver to this deal.
Since announcing the deal, Allwyn has confirmed plans to launch additional stock market listings in London or New York.
OPAP has already changed its banners on social media to "part of Allwyn" and it is expected to change its consumer branding to Allwyn by 2026.
Allwyn is no stranger to taking over foreign operations, as it hit headlines in 2024 when it was awarded the Fourth Lottery Licence for the UK National Lottery.
One year later, the operator acquired Novibet in a €217m deal, PrizePicks in a $1.6bn takeover deal and entered the US lottery market after taking over Camelot Group.
So, OPAP suits Allwyn's plans for worldwide gaming and lottery domination, but where does it fit in with the wider industry?
Well, Bally's and Intralot signed a €2.7bn acquisition deal this July; Flutter completed its £1.62bn deal for Sisal in 2022 and €2.3 for Snaitech in 2025; and DraftKings finalised its $750m acquisition of Jackpocket in 2024.
This means that, when accounting for currency conversions, around €8bn has been spent by major operators in the last few years to combine lottery and gaming businesses together.
Lottery products have always been seen as carrying less 'risk' than other casino games, due to the delayed gratification and low cost for tickets.
However, perhaps it's also worth looking at market share and player acquisitions.
As more jurisdictions open up around the world, whether it's new US states or a country like Finland finally dissolving its state monopoly, there are always new horizons for companies to consider.
If a company can launch in a new area with a full portfolio of sports betting, casino and lottery products, it has a much wider demographic to play with, as opposed to just one product for one market.
Another thing to consider is player acquisition and retention.
A customer may not seek out online casinos on their own, but they certainly may try them if an instant game is offered to them to spend their 'loose change' on after buying a lottery ticket through an operator's app.
OPAP may have been a staple in the Greek market for a very long time, but the company hopes this deal will "meet the evolving expectations of younger generations" by offering diversification and strategic optionality.
Overall, as companies grow to become more global in their reach, it's unsurprising to see them acquire regional companies in different countries as they expand.
Few are spending as heavily and frequently as Allywyn, though, which has not always worked out well in the past - take Entain, for example.
Only time will tell whether going all-in was the correct decision... for Allwyn.
At the time of the news going public, OPAP was trading at 20.56 on the Greek stock market
