OPAP Acquisition & Valuation
OPAP was acquired by Allwyn for $17B in October 2025.
OPAP EBITDA multiple at acquisition
8.4x
EV/EBITDA · Oct 2025
OPAP Overview
About OPAP
OPAP S.A. is the leading gaming and betting entertainment company in Greece and Cyprus, operating under the international brand umbrella of Allwyn. Founded in 1958 as a state-owned football pools organization, it privatized in 2013 and commands the vast majority of the Greek regulated gaming market.
Founded
1958
HQ
AthensWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Valuation
$17B (acquired Oct 2025)
OPAP Acquisition
OPAP was acquired by Allwyn for $17B on 13 October 2025.
The acquisition price implies a 8.4x EBITDA multiple.
OPAP S.A. Allwyn International AG, part of KKCG Group and headquartered in Switzerland, operates as a multinational lottery-led gaming entertainment company with strong positions in Europe and North America, boasting pro forma EBITDA of €1.9 billion for the 12 months to June 30, 2025. The all-share business combination, announced in October 2025, values the Combined Company at €16 billion equity, creating the second-largest listed lottery and gaming operator globally with diversified operations across Europe, the US, and other markets; post-transaction, Allwyn holds 78.5% economic interest and KKCG controls 85% voting rights, while OPAP shareholders retain 21.5%. Strategic rationale emphasizes safeguarding OPAP's value amid evolving gaming dynamics through Allwyn's growth expertise, technology, digitalization, and global scale, building on their decade-long partnership. Deal structure involves OPAP's cross-border redomiciliation to Luxembourg (renamed Allwyn AG), followed by Allwyn's asset contribution for 445,684,184 new ordinary shares, waiving prior preference shares with enhanced voting; OPAP shareholders receive €0.50 interim dividend in November 2025 and €0.80 post-closing dividend, with only 6.7% exercising cash exit rights by October 2025. Completion targets first half 2026 pending OPAP general meeting approval (Q4 2025/Q1 2026), regulatory clearances, and final conditions, supported by committed financing for exits and dividends; OPAP plans consumer rebranding to Allwyn from Q1 2026 with Swiss re-domiciliation post-merger.
| Acquirer | Date | Type | Price | EV/EBITDA |
|---|---|---|---|---|
| 13 Oct 2025 | Strategic M&A | $17B | 8.4x |
Acquisitions by OPAP
OPAP has acquired 1 company to date.
Last acquisition by OPAP was on April 21st 2020. OPAP acquired Stoiximan.gr for $176M.
Latest Acquisitions by OPAP
| Description | Stoiximan.gr is a Greece-based online gaming operator licensed by the Hellenic Gaming Commission, offering sports betting, casino games, and live dealer tables. Operating under the Betano brand, it leads markets in Romania, Cyprus, Germany, and Portugal with localized platforms. Stoiximan processes thousands of daily wagers through proprietary technology supporting mobile and desktop access. |
| HQ Country | |
| HQ City | Athens |
| Deal Date | 21 Apr 2020 |
| Valuation | $176M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all OPAP acquisitions and their M&A valuation multiples. Start Free Trial | |
OPAP Competitors
OPAP competitors include listed companies like Evolution, Flutter Entertainment, Aristocrat Leisure and Allwyn, and private ones like Singular and Polymarket.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Sweden | Publicly listed | $2.4B | $1.6B | $17B | 6.5x | |
 Ireland | Publicly listed | $16B | $1.9B | $16B | 1.5x | |
 Australia | Publicly listed | $4.5B | $1.7B | $26B | 6.2x | |
| Greece | Publicly listed | $1.9B | $945M | $11B | 4.2x | |
 Valletta | Private | - | - | $34M | - | |
 New York City, NY | Private | - | - | $9B | - |
OPAP Public Comps
OPAP is no longer listed, but its public comps include Evolution, Galaxy Enter Group, Flutter Entertainment, Sands China, Allwyn, DraftKings, MGM Resorts, Wynn Resorts, Aristocrat Leisure and Las Vegas Sands.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.4B | $1.6B | 6.6x | 6.5x | 9.8x | 9.8x | |||
| $6.3B | $1.7B | 2.5x | 2.4x | 9.1x | 8.7x | |||
| $16B | $1.9B | 1.6x | 1.5x | 13.4x | 9.5x | |||
| $7.4B | $2B | 2.4x | 2.3x | 9.2x | 8.4x | |||
| $1.9B | $945M | 11.1x | 4.2x | 22.3x | 10.5x | |||
| $6.1B | $302M | 2.0x | 1.9x | 40.0x | 17.4x | |||
| $18B | $1.7B | 2.2x | 2.1x | 22.0x | 16.1x | |||
| $7.1B | $1.7B | 2.5x | 2.4x | 10.7x | 9.2x | |||
This data is available for Pro users. Sign up to see all OPAP competitors and their valuation data. Start Free Trial | ||||||||
Common questions about OPAP
| When was OPAP founded? | OPAP was founded in 1958. |
| Where is OPAP headquartered? | OPAP is headquartered in Athens, Greece. |
| Is OPAP publicly listed? | No, OPAP was acquired by Allwyn in October 2025. |
| Who acquired OPAP? | OPAP was acquired by Allwyn in October 2025. |
| How much was OPAP acquired for? | OPAP was acquired for $17B in October 2025. |
| Which companies are comparable to OPAP? | Companies comparable to OPAP include Evolution, Flutter Entertainment, Aristocrat Leisure, Allwyn, Singular and Polymarket. |
| How many companies has OPAP acquired? | OPAP has acquired 1 company, including Stoiximan.gr. |
| What was the largest acquisition by OPAP? | The $176M acquisition of Stoiximan.gr in April 2020 is the largest acquisition OPAP has made to date. |
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