Multi-national lottery operator Allwyn has agreed to acquire a 51% majority stake in Logflex MT Holding Limited, owner of online sports betting and gaming group Novibet. The company is set to pay an initial €217 million ($225 million) in cash as part of the deal, plus €110 million in potential performance-based earnouts.
The acquisition, announced on December 30, is expected to close in the second half of 2025, subject to relevant legal and regulatory approvals. The move is expected to bolster Allwyn’s technological capabilities and strengthen its online sports betting and gaming ambitions, the company said.
Employing over 1,000 people and founded in 2010, Novibet is recognized as Greece’s second-largest online gambling group. The company is active in various markets, including Cyprus, Greece, Ireland, Mexico and Brazil. Management sees further growth opportunities in Romania, Hungary, France, and Spain.
The Novibet founding management team will continue to operate the business after the transaction is completed. The company will run as a separate business from Allwyn, remaining under its existing brand.
Allwyn to expand iGaming footprint
The purchase is set to strengthen Allwyn’s iGaming footprint in Europe and South America. The company called it a continuation of its strategy to make selective acquisitions in relevant products, technologies, and content to support growth, following a previously announced acquisition of a 70% stake in Instant Win Gaming in February 2024.
Allwyn CEO Robert Chvatal said the acquisition will strengthen the group’s momentum, noting 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 capitalizing on the international opportunities ahead.”
Novibet CEO George Athanasopoulos also welcomed the deal, describing that the takeover 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.”
Original article: https://www.yogonet.com/international/news/2025/01/03/90527-allwyn-to-bolster-igaming-capabilities-with-majority-stake-purchase-in-novibet
