Allwyn will not get as many voting rights in OPAP following the forthcoming merger of the two business as originally planned.

Some specific terms and conditions around the merger in between the global lotto operator and the Greek betting, gaming and lottery game group have actually been modified.

Initial terms of the merger agreement saw KKCG Group safe 85% ballot interest in the combined entity as a result of Allwyn's shares in OPAP being enlarged from 51.78% to 78.5%.

However, modified terms have actually now seen the types of shares held by Alllwyn changed - rather of preference show enhanced ballot rights, it will now just get regular shares.

As an outcome, KKCG's ballot interest in the Allwyn-OPAP combined entity will drop from 85% to 75.1% - the like the number of shares it will hold in the joint business. In addition, Allwyn's portion of shares will remain at 78.5% despite the change in ballot rights.

In the grand scheme of things, this modifications really little as the Czech-based financial investment group stays the majority stakeholder.

Aside from voting rights, the merger in between Allwyn and OPAP is proceeding as planned, with the combined company still set to operate as an Athens Stock Exchange-listed company and continue running in its current suite of markets.

In a statement on the matter, Allwyn asserted that 'the elimination of the contemplated issuance of preference shares highlights the commitment of Allwyn and OPAP to continuing the long-term partnership with existing financiers'.

The decision was made at an Extraordinary General Meeting (EGM), but has yet to be approved by investors in both companies. OPAP's board has already authorized the procedure, with its EGM set up for 7 January 2026.

The relocation shows that the Allwyn-OPAP merger is well on the method to conclusion, no matter any modifications to particular terms. The offer will even more develop Allwyn as the world's second largest gaming company by market cap, after Flutter Entertainment.

M&A has actually been the specifying feature of Allwyn's 2026 technique, with the OPAP merger being announced just a month after it acquired US day-to-day fantasy sports (DFS) platform PrizePicks for $1.6 bn. PrizePicks would start a growth into prediction markets quickly after.