Allwyn, a prominent multinational lottery operator, has taken a significant step in expanding its presence in the iGaming sector by acquiring a 51% stake in Novibet. This strategic investment, valued at €327 million, will enable Allwyn to enhance its technological and operational resources while broadening its footprint across Europe and South America. Novibet, a growing online sports betting and gaming operator, is recognized for its proprietary technology and innovative approach.
A strategic partnership for growth:
The agreement between Allwyn and Novibet underscores a shared commitment to growth and innovation in the iGaming industry. Novibet, with over 1,000 employees and operations spanning countries such as Greece, Brazil, Cyprus, Ireland, and Mexico, brings a wealth of expertise and a robust customer base to the table.
In his statement, Allwyn’s Group CEO Robert Chvatal highlighted the advantages of the deal in the company’s press release: “Novibet has demonstrated expansion across multiple markets, and an ability to innovate, which will strengthen our momentum and enhance our offer to players.”
This partnership is expected to bolster Allwyn’s capabilities in online sports betting and gaming, complementing its broader strategy of targeted acquisitions. Earlier in 2024, Allwyn acquired a 70% stake in Instant Win Gaming, a leading developer of eInstants for global lotteries, further enhancing its digital offerings.
Founded in 2010, Novibet has established itself as a key player in the online gaming sector, particularly in Greece, where it is the second-largest operator. The company has steadily expanded into regulated markets, including Italy, Malta, and Ireland, with plans for further growth in Romania, Hungary, France, and Spain.
George Athanasopoulos, CEO of Novibet, expressed enthusiasm about the partnership with Allwyn, stating: “Joining Allwyn marks the start of an exciting new chapter for Novibet. Allwyn’s dedication to growth opportunities was a key factor in our decision, and we look forward to combining their extensive resources and expertise with our leading technology and operational experience.”
Athanasopoulos emphasized that the collaboration would accelerate the development of proprietary solutions, expand Novibet’s product portfolio, and enhance its ability to reach a broader international audience.
Financial and operational details:
The acquisition involves an initial cash payment of €217 million, along with potential performance-based earnouts of up to €110 million. The transaction is expected to conclude in the second half of 2025, pending regulatory approvals.
Despite this acquisition, Novibet will maintain its operational independence. Its founding management team will continue to lead the company, operating under its existing brand to ensure continuity in its business model and customer relationships.
The Novibet acquisition caps off a transformative year for Allwyn. In February 2024, the company assumed responsibility for managing the UK’s National Lottery, succeeding Camelot UK. With its focus on strategic acquisitions, Allwyn has consistently demonstrated its commitment to innovation and expansion in the global gaming industry.