Allwyn acquired a 51% stake in the parent company of Novibet to boost its online gambling operations today (30 December).
The €217m deal, which is expected to close in H2 2025, will see the Czech lottery giant purchase a majority of Logflex MT Holding Limited, the international gaming operator’s parent company.
The deal marks Allwyn’s latest foray into the online gambling market after attaining a leading position in the European lottery space, including via its takeover of the UK National Lottery.
Robert Chvatal, Allwyn 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.”
Allwyn highlighted the deal as working to strengthen its technological capabilities, as well as boosting its online sports betting and gaming activities.
It added the deal was in line with the company’s strategy of making selective acquisitions in relevant products, technologies and content to support its growth.
It highlighted the purchase of a majority stake in Instant Win Gaming in February as further execution of this strategy.
Alongside the initial cost, Allwyn may also pay an additional €110m in future performance-based costs.
Novibet to retain name and management
Novibet will continue to operate as a separate business and will retain its current name and management team.
George Athanasopoulos, Novibet chief executive, added: “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.
“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.”
Novibet is Greece’s second largest online gambling operator and in recent times has expanded to additional markets including Brazil, Ireland and Mexico.
The business aimed to go public via a $696m SPAC deal with Artemis Strategic Investment in 2022, in a plan that was scrapped the following year.