Allwyn International has agreed to acquire full ownership of Greek and Cypriot online operator Stoiximan and divest its land-based casino assets in Germany and Australia, as the European lottery and gaming giant intensifies its push into digital operations.
The company said it expects to generate approximately €105 million ($122 million) in gross proceeds from the casino asset disposals. On July 1, Allwyn completed the sale of 10 casinos in Lower Saxony, Germany, generating €67.7 million in proceeds, comprising €15.2 million in dividends and €52.5 million from the sale.
Separately, Allwyn on July 11 accepted a bid for its 42% interest in the Reef Hotel Casino in Cairns, Australia, held via the listed Reef Casino Trust. The deal is expected to bring in €54 million, subject to regulatory and shareholder approvals. The German and Australian casino operations are currently part of the group’s Austria segment.
Meanwhile, on July 18, Allwyn’s subsidiary OPAP agreed to acquire the remaining 15.5% stake in Stoiximan for €191.6 million ($224 million), valuing the online sports betting and iGaming operator on a cash-free, debt-free basis. The deal, pending regulatory clearance in Cyprus, is expected to close in the third quarter.
“The transaction will increase OPAP’s ownership interest in Stoiximan to 100%,” Allwyn said, adding that the deal aligns with its strategy of “increasing its interest in existing operations that are not wholly-owned.”
“It will also increase Allwyn’s exposure to the high-growth online sports betting and iGaming segments, which are complementary to the resilient growth profile of the group’s lottery operations,” it said.
OPAP first invested in Stoiximan in 2018 and currently owns 84.5% of the business. Stoiximan posted 27% gross gaming revenue growth in 2024.
“This milestone marks a new chapter in Stoiximan’s journey,” said CEO Nikos Fligos. “We remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”
The deal will be financed through OPAP’s cash resources and liquidity facilities. Allwyn also plans to adjust its consolidated balance sheet to reflect a €205.6 million liability related to the transaction as of March 31, with no impact on income or cash flow statements.
The moves come as Allwyn shifts further into digital operations. In the first quarter of 2025, the group reported a 6% rise in revenue to €2.24 billion ($2.62 billion), with digital revenue up 15% year-on-year, accounting for 39% of total gross gaming revenue.
Allwyn also announced a new €2.15 billion ($2.51 billion) senior facilities agreement with international banks and launched a €500 million senior secured notes offering to refinance earlier debt maturing in 2027.
Despite global economic headwinds, the company said it sees no material impact on demand. “In general, demand for our products has remained resilient in prior periods of weaker economic growth,” it said, citing low average customer spend and a broad player base.