Allwyn International AG has taken a decisive step toward bolstering its digital gaming footprint by finalizing plans to acquire the remaining minority stake in Stoiximan while divesting its land-based casino assets in Germany and Australia. The dual announcement reflects a sharp pivot toward high-growth digital segments and a broader strategy of streamlining operations across key markets.
On July 18, Allwyn’s subsidiary OPAP S.A.—the main operator of the group’s Greece and Cyprus division—disclosed it had agreed to acquire the remaining 15.51% stake in Stoiximan. This acquisition from founder-shareholders positions OPAP, and thus Allwyn, as the sole owner of Stoiximan, a dominant force in the online sports betting and iGaming scene in Greece and Cyprus.
The transaction is valued at €191.6 million, structured on a cash-free, debt-free basis, with a further adjustment linked to net cash at the time of completion. OPAP will finance the deal through internal cash and liquidity reserves, with the finalization targeted for the third quarter of 2025, pending regulatory approval from authorities in Cyprus.
Allwyn initially entered Stoiximan in 2018 and has since incrementally increased its stake to 84.49% through a series of investments. The upcoming acquisition represents the final step in consolidating its control over one of Southern Europe’s most dynamic digital gaming companies.
“The transaction will increase OPAP’s ownership interest in Stoiximan to 100%,” Allwyn said in its statement. “It is in line with Allwyn’s strategy of increasing its interest in existing operations that are not wholly-owned.”
Stoiximan posted a 27% increase in gross gaming revenue (GGR) in 2024, a reflection of its robust performance in the digital gaming sector. Allwyn believes this acquisition will enhance its presence in the high-growth online betting and gaming markets, complementing its stable lottery operations.
As part of this transition, Allwyn plans to revise its consolidated balance sheet to recognize a related liability of €205.6 million as of March 31, 2025. The adjustment will impact equity but not the company’s income or cash flow statements.
Stoiximan CEO Nikos Fligos noted, “This milestone marks a new chapter in Stoiximan’s journey. With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”
Departure from Land-Based Casino Operations
Concurrently, Allwyn is stepping away from its physical casino interests with the sale of its assets in Germany and Australia. The move is set to bring in a total of approximately €105 million in gross proceeds and reflects a deliberate shift toward digital-first operations.
On July 1, the company finalized the sale of its 10 casino properties in Lower Saxony, Germany. The transaction brought in €67.7 million—€15.2 million of which was distributed as a dividend in June, and €52.5 million was received upon sale completion. These casinos generated €126.4 million in revenue in 2024 and were part of Allwyn’s Austria segment.
A few days later, on July 11, Allwyn accepted a bid for its 42% stake in the Reef Hotel Casino in Cairns, Australia. Held through the Reef Casino Trust (RCT), a public trust listed on the Australian Securities Exchange, the group expects to receive around €54 million from this sale. The bid is structured as an off-market cash takeover and is contingent on several conditions, including approval by at least 80% of RCT unitholders and regulatory clearance. Completion is projected for the first half of 2026.
Allwyn and its partner, Accor, collectively hold more than 71% of RCT units and have already accepted the bid, significantly increasing the likelihood of a successful transaction.
Driving Digital Growth
The realignment of Allwyn’s portfolio aligns with its wider push toward digital expansion. In December 2024, Allwyn also acquired a 51% stake in Logflex MT Holding, parent company of online operator Novibet, in a €217 million deal expected to close in the latter half of 2025.
Financial performance in early 2025 reflects this strategic direction. The company reported €2.34 billion in revenue for Q1, up 6.4% from the previous year. Net revenue climbed 5.4% to €1.01 billion, while adjusted EBITDA reached €362.3 million, despite a narrowing margin from 37.4% to 35.9%.
Digital revenue accounted for 39% of Allwyn’s total gross gaming revenue in Q1, rising 15% year-over-year. Revenue from the Greece and Cyprus segment—which includes Stoiximan—grew 8% to €616.9 million in the same period.
Meanwhile, the Austria segment, which housed the now-sold casino businesses, posted a 6% revenue increase to €423.6 million. However, growth in lottery and iGaming helped offset a downturn in video lottery terminals and casino performance.
Allwyn also recently secured a €2.15 billion senior facilities agreement with international banks and launched a €500 million senior secured notes offering, with proceeds earmarked for refinancing existing debt and funding corporate growth initiatives.
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