Allwyn International AG

What is Allwyn?

Allwyn is a lottery-led gaming entertainment company that operates national lotteries across Europe, plus sports betting, iGaming, and daily fantasy sports. It is the world's second-largest listed lottery and gaming operator, listed on the Athens Stock Exchange since March 2026.

Who owns Allwyn?

Allwyn is controlled by KKCG, the investment group of Czech billionaire Karel Komarek, which holds approximately 78.4 percent of the combined company after the 2026 OPAP combination. The remaining shares trade on the Athens Stock Exchange.

Is Allwyn publicly traded?

Yes. Since March 2026, following its combination with OPAP, Allwyn AG is listed on the Athens Stock Exchange under the ticker ALWN. It was previously a private company under KKCG control.

Does Allwyn own PrizePicks?

Yes. Allwyn agreed in September 2025 to acquire approximately 62.3 percent of PrizePicks for roughly $1.6 billion in initial cash consideration, with the deal implying an enterprise value of $2.5 billion rising potentially to $4.15 billion with earnouts. PrizePicks operates as a standalone brand within the group.

When was Allwyn founded?

The group originated as Sazka Group in 2012, built from the Czech lottery operator Sazka under KKCG ownership. It rebranded as Allwyn in 2021.

What is Allwyn's revenue?

For FY2025, Allwyn reported total revenue of €8.99 billion, net revenue of €4.11 billion, and adjusted EBITDA of €1.58 billion. Its revenue is dominated by European lottery operations under exclusive licenses.

Allwyn's origins are in Sazka, the Czech lottery operator. Czech billionaire Karel Komarek's investment group KKCG took control of Sazka after its 2011 insolvency, rebuilding it into the dominant Czech lottery operator. In 2012 the group formalized as Sazka Group, beginning a decade of European lottery acquisition.

Through the 2010s, Sazka accumulated stakes in OPAP in Greece beginning 2013, Casinos Austria and Austrian Lotteries, and other European gaming assets. The group developed a consistent model: acquire minority or control positions in national lottery operators, modernize their digital channels, and extract the operational efficiencies of shared technology.

In 2021 Sazka Group rebranded as Allwyn, reflecting its transformation from a Czech national operator into a multinational gaming group. The pivotal move came in 2022, when an Allwyn-led bid won the competition to operate the UK National Lottery, taking over the license in February 2024 and ending Camelot's three-decade operation of the franchise.

In September 2025 Allwyn agreed to acquire approximately 62.3 percent of PrizePicks, the largest daily fantasy sports operator in North America, for an expected initial cash consideration of approximately $1.6 billion, implying an upfront enterprise value of $2.5 billion and up to $4.15 billion with performance earnouts. PrizePicks continued operating as a standalone brand under CEO Mike Ybarra.

The defining corporate event was the combination with OPAP. OPAP had been an Allwyn subsidiary since a 2013 investment that produced a return exceeding 500 percent. The combination completed in March 2026, with the merged entity, formerly OPAP S.A. renamed Allwyn AG, listed on the Athens Stock Exchange. KKCG controls approximately 78.4 percent of the combined company, with a 21.6 percent free float. The transaction created the world's second-largest listed lottery and gaming operator. For FY2025 the company reported total revenue of €8.99 billion, net revenue of €4.11 billion, and adjusted EBITDA of €1.58 billion.

Allwyn operates in one of the most heavily regulated consumer industries, and regulatory scrutiny is structural rather than exceptional. Its UK National Lottery operation has drawn periodic scrutiny over prize allocation, digital transition performance, and the balance between returns to good causes and operator profit.

Gambling regulatory exposure is inherent to its business model: responsible gaming obligations, advertising restrictions, and age verification requirements apply across all markets. The PrizePicks acquisition added exposure to the evolving US regulatory landscape for fantasy sports and prediction markets, categories that have faced state-level cease-and-desist actions and licensing disputes. No major penalty against Allwyn's core lottery operations is on record, though its gaming businesses operate under continuous regulatory supervision.