The rebranding represents the culmination of a transformation that began in 2013, when the Greek state sold its stake to the Emma Delta investment group. Now, OPAP’s integration into the Allwyn family signals a strategic realignment within a global gaming conglomerate, extending well beyond its domestic roots.
For Greek shareholders, the issue is not the name itself but the opportunity that the merger creates. The Allwyn–OPAP agreement, far from being a surprise, is the next stage of a carefully designed corporate restructuring aligned with international standards. Under the deal, Allwyn will hold 78.5% of the combined entity, with OPAP’s minority shareholders retaining 21.5%. The new group will remain listed on the Athens Stock Exchange, with plans for a secondary listing either in London or New York to attract global investors and improve share liquidity.
The transition will take place in phases. OPAP’s domestic operations will first be spun off into Greek subsidiaries through a hive-down process, followed by a cross-border conversion into a Luxembourg-based legal entity. The final step will be to relocate the headquarters to Switzerland, aligning the company with Allwyn’s international hub. The model resembles the Coca-Cola HBC restructuring of 2013, when the beverage giant achieved global expansion through a dual listing in London and Athens without severing its Greek ties. In the same spirit, the new Allwyn aims to expand its international reach while maintaining operational continuity in Greece. The rebranding, therefore, does not signify the loss of OPAP’s identity but its transformation into part of a global leader in gaming and entertainment.
Recent financial results illustrate the importance of Greece to the wider group. In the second quarter of 2025, Allwyn reported adjusted EBITDA of €362 million, up from €340 million a year earlier. Of that, €191 million came from Greece and Cyprus—more than half (53%) of total group earnings. Austria contributed €72 million, a modest 3% increase year on year, while the Czech Republic generated €30 million, down slightly from 2024. In the UK, operations tied to the National Lottery produced €6 million, and other holdings in Italy, North America, and technology added about €80 million combined.
The sustainability of Allwyn’s performance will now depend on two key financial levers: debt and dividends. The group currently carries total debt of €4.7 billion, including €4.15 billion in long-term and €558 million in short-term liabilities. With cash reserves of €1.28 billion, its net debt stands at roughly €3.6 billion, or 2.4 times annual EBITDA—a manageable level but one requiring disciplined balance sheet management. Lowering debt would directly enhance the stock’s upside potential.
For shareholders, attention turns to dividend policy. The company has proposed a transitional payout of €1.30 per share for 2025—€0.50 in November and another €0.80 upon completion of the merger. This serves as a bridge between OPAP’s traditionally generous distributions and Allwyn’s more conservative, growth-oriented model. From 2026, management plans to maintain a minimum annual dividend of €1 per share, consistent with OPAP’s legacy. Yet with the group now valued at around €16 billion, the yield will naturally fall as the share price rises. At the same time, a new scrip dividend option will allow investors to take their payouts in shares rather than cash, bolstering equity and conserving liquidity for expansion.
Further clarity came from Allwyn and OPAP CEO Jan Karas, who explained that alongside its 78.5% controlling stake, Allwyn will issue €200 million in preferred shares. These will not be eligible for dividends but will carry a 5% annual coupon, providing holders with a fixed return regardless of profitability. The mechanism serves multiple purposes: securing Allwyn’s governance control even amid future ownership changes, and offering flexibility for acquisitions or new investments without resorting to additional borrowing. Though the preferred shares add a modest annual cost to cash flow, their impact on ordinary shareholders is limited since they do not dilute profit participation.
In effect, OPAP’s transformation into Allwyn represents not an end but a new beginning—one that blends the company’s Greek heritage with a global outlook. The move reflects a growing trend among European corporations seeking scale, access to capital, and global visibility, while keeping their local roots firmly intact.
