Allwyn acquires 51% stake in Novibet for initial €217m
Lottery heavyweight could shell out a further €110m for Greek operator in earnouts based on future performance
Allwyn has acquired a 51% stake in Novibet for an initial consideration of €217m as the pan-European lottery giant strengthens its sports betting and igaming division.
The transaction, which is expected to close in H2 2025, also includes a further €110m in potential earnout payments, taking the total value of the deal to €327m.
The swoop will see Allwyn acquire the majority 51% stake in Logflex MT Holding Limited, owner of Greece-based Novibet.
Once the deal completes, Novibet will continue to operate as a separate business under its existing brand and management team.
The operator, which has its own tech stack, boasts more than 1,000 employees across hubs in Greece, Malta and Brazil.
The firm has deployed a multi-market approach and was named as one of the provisional licence holders in the recently launched Brazilian market.
Novibet is also live in Cyprus, Greece, Ireland, Mexico, New Zealand and Finland. The company surrendered its UK licence in 2022.
Despite being privately owned, Novibet reported a 44% year-on-year rise in revenue for full-year 2023 and a 525% leap in new customer registrations.
The operator has also placed in the EGR Power 50 for the past two years in a row.
Allwyn’s move for the company comes almost three years after Novibet announced plans to go public via a SPAC merger with Artemis Strategic Investment Corporation.
The deal was made public in March 2022 and valued Novibet at $625m. However, in an SEC filing from Artemis on 2 June 2023, the company confirmed the deal had been cancelled.
The move marks Allwyn’s second piece of M&A in the past 12 months after it took a majority stake in Instant Win Gaming last year.
Allwyn also holds a 36.75% stake in Kaizen Gaming’s non-Greek and Cypriot operations (Betano) after snapping up the minority holding for €50m from legacy Greek operator OPAP in April 2022.
Robert Chvátal, Allwyn group CEO, said: “Novibet has demonstrated expansion across multiple markets and an ability to innovate, which will strengthen our momentum and enhance our offer to players.
“The innovation potential of this transaction is substantial as we look to give our customers access to the very best experience in online sports betting and gaming.
“Novibet has a world-class team, and we look forward to capitalising on the international opportunities ahead.”
George Athanasopoulos, Novibet CEO, said the transaction marked an “exciting new chapter” for the Greek operator.
The CEO continued: “This partnership will accelerate our ability to develop proprietary solutions, expand our product offering and extend our success to a much larger international audience at a faster pace.
“We also want to recognise the passion and dedication of the entire Novibet team, whose unwavering commitment to our long-term vision has been integral to reaching this milestone.
“With their continued support, we remain committed to delivering exceptional value for both our customers and our shareholders.”