As part of the deal Allwyn will pay an initial €217 million (£180 million/$225 million) in cash to acquire the stake. Then an additional €110 million will be due in potential future earnouts based on Novibet’s performance.

Subject to relevant legal and regulatory approvals, the acquisition is expected to close in the second half of 2025. It was announced on 30 December.

Employing over 1,000 people, Novibet is active in various markets including Brazil, Cyprus, Greece, Ireland and Mexico. It operates out of hubs across hubs in Malta, Greece and Brazil.

According to Allwyn, the acquisition will bolster its technological capabilities and strengthen its online sports betting and gaming ambitions.

Allwyn said this acquisition was a continuation of its strategy to make selective acquisitions in relevant products, technologies and content to support growth. It previously announced the acquisition of a 70% stake in Instant Win Gaming in February 2024, which is also in line with this strategy.

In terms of management, the Novibet founding management team will continue to operate the business after the transaction completes. Novibet will run as a separate business to Allwyn, remaining under its existing brand.

Allwyn CEO talks up ‘substantial’ innovation potential

Commenting on the deal, Allwyn CEO Robert Chvatal said the acquisition will strengthen the group’s momentum. He added that players across several markets will also benefit from its expanded offering.

“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,” Chvatal said. “Novibet has a world-class team and we look forward to capitalising on the international opportunities ahead.”

Novibet CEO George Athanasopoulos also welcomes the deal. He said 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,” Athanasopoulos said. “We look forward to combining their extensive resources and expertise with our leading technology and operational experience.

“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.

Austria, Cyprus and Greece growth drives Allwyn in Q3

The deal comes on the back of Allwyn publishing its financial results for Q3. Revealed last month, these showed a 7% increase in revenue following growth in Austria, Cyprus and Greece.

Consolidated revenue for the three months to 30 September hit €2.14 billion, surpassing the £2.01 billion reported in Q3 2023. Gross gaming revenue was also 7% higher year-on-year at €2.06 billion.

Certain markets across Europe saw significant growth. Greece and Cyprus led the way with a 17% increase in consolidated revenue, while revenue in Austria was up 7% year-on-year.

On top of this, Allwyn’s UK-facing National Lottery business also continued to see success. UK revenue grew 3% to €980.9 million despite activity levels being broadly stable compared with the previous year.