International gaming group Allwyn recently announced its third quarter 2025 results, with total revenue increasing by 4% to 2.2 billion euros. As the merger plan with Greek gaming operator OPAP continues to progress, the company expects to complete this significant transaction worth 16 billion euros in the first half of 2026.
Mergers, Acquisitions, and Brand Strategy
The merger between Allwyn and OPAP will create a new company valued at 16 billion euros, with Allwyn holding a 78.5% economic interest. This is not Allwyn's only recent acquisition; the company also acquired a 62.3% stake in daily fantasy sports operator PrizePicks and gained controlling interest in the parent company of Novibet. CEO Robert Chvatal stated that launching a single brand is a key driver of growth strategy, and frankly, this integration does bring marketing synergies—more case studies on gaming industry M&A are available on the PASA official website.
Performance of Various Business Segments
Lottery revenue topped the charts again in the third quarter, reaching 551 million euros, up 7%. Video lottery terminals and casino revenue grew by 6% to 139 million euros, sports betting revenue increased by 3%, and online gaming revenue grew by 2% to 120 million euros. Geographically, mainland Europe revenue grew by 6% to 729 million euros, UK business grew by 6% to 250 million euros, and North America performed the best, with revenue surging by 15% to 55 million euros.
Profitability and Market Impact
Despite revenue growth, adjusted EBITDA for the third quarter fell by 8% to 374 million euros, mainly due to a decrease in equity investment contributions. OPAP also reported growth for the third quarter, with total gaming revenue increasing by 6.6% to 602.9 million euros. The synergies from the merger of the two companies are highly anticipated, and OPAP CEO Jan Karas expressed confidence in achieving the fiscal 2025 targets and looks forward to launching a new era under the Allwyn brand in 2026.
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