Allwyn International has revealed plans to become sole owner of Greek and Cypriot online sports betting and iGaming specialists Stoiximan as it looks to make giant strides in the digital gaming market.
It is another statement of intent from the leading multi-national lottery and gaming operator, which has been divesting its land-based casino assets in Germany and Australia to help raise funds for its strategic move.
Allwyn’s subsidiary OPAP currently owns 84.49% of Stoiximan, which posted 27% gross gaming revenue growth in 2004.
OPAP has agreed to acquire the remaining 15.51% of the online sports betting and iGaming operator for €191.6 million (£166.2 million), structured on a cash-free, debt-free basis and pending regulatory clearance in Cyprus.
Allwyn’s drive towards digital expansion
The name Allwyn is familiar to Formula 1 fans as the company became an official F1 partner earlier this year, and followed that swiftly by announcing it had become an official partner of 2024 Constructors’ Champions McLaren as it looks to expand its business and brand globally.
The Stoiximan acquisition is evidence of its drive towards a digital future in the gaming and betting markets amid the rapid rise in online casinos and offshore sportsbooks.
Allwyn has been busy through July, raising funds through the sale of its casinos which are expected to generate gross proceeds approaching €105 million (£91.1 million).
At the start of the month Alwyn completed the sale of 10 casinos based in Lower Saxony in Germany, which raised €67.7million in proceeds (€52.5 million from the sale plus €15.2 million in dividends).
The casinos had been a part of Allwyn’s Austria segment and had generated €126.4 million (£109.7 million) in revenue in 2024.
Another €54 million (£46.8 million) is expected to be achieved by selling its 42% interest in the Reef Hotel Casino in Cairns, Australia, which is held via the listed Reef Casino Trust.
Growing power in online betting and gaming markets
Having initially invested in Stoiximan in 2018, the latest move will give Allwyn a stronger footing in the high-growth online casino and sports betting markets.
“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 CEO Nikos Fligos said: “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.”
Allwyn’s push towards digital expansion was evidenced in December last year when it acquired a 51% stake in Logflex MY Holding, the parent company of online operator Novibet.
The €217 million (£188.3 million) deal is expected to be completed later this year.
Jim Munro is a betting industry and gambling expert who has been a national newspaper journalist for over 25 years, predominantly at The Sunday Times and The Sun, where he wrote a weekly soccer betting column. Jim also worked on the launch of Virgin Bet with Gamesys and was subsequently head of editorial at LiveScore, the sports media and betting group.
