Allwyn International has entered a definitive agreement to acquire a 51% stake in Novibet. This strategic investment aims to strengthen Allwyn’s iGaming capabilities across Europe and South America.
Announced today (30 December), Allwyn will pay €217m upfront, with an additional €110m in performance-based earnouts, to secure its majority stake in Novibet.
The deal boosts Allwyn’s technology and operations in online gambling. Novibet employs 1,000 staff across hubs in Malta, Greece, and Brazil, with operations in Brazil, Cyprus, Greece, Ireland, and Mexico.
“Allwyn’s acquisition of Novibet enhances our technological and operational capabilities, positioning us for growth in online sports betting and gaming,” stated the dealmakers.
This agreement caps a transformative year for Allwyn. In February, its UK subsidiary took over as operator of the National Lottery, replacing Camelot UK. Later, Allwyn acquired a 70% stake in Instant Win Gaming (IWG), a leading developer of online games for North American lotteries.
Group CEO Robert Chvatal said: “Novibet’s proven ability to expand and innovate strengthens our momentum and player offering. This transaction allows us to deliver a superior online sports betting and gaming experience while leveraging Novibet’s world-class team to capitalise on international growth opportunities.”
Novibet will remain under its founding management team and operate as an independent business under its current brand.
Since 2022, Novibet has been exploring ways to boost liquidity and growth, including a $700m SPAC merger with Artemis Investment Corporation. The IPO was abandoned in 2023.
Founded in 2010, Novibet is Greece’s second-largest online gambling group, with a strong presence in regulated markets like Italy, Malta, and Ireland. The company is eyeing further growth in Romania, Hungary, France, and Spain.
Novibet CEO George Athanasopoulos said: “Joining Allwyn marks an exciting new chapter. Their resources and expertise will accelerate our ability to expand our product offering, develop proprietary solutions, and reach a wider international audience.
“This milestone reflects the dedication of the Novibet team, whose commitment has been key to our success. We remain focused on delivering exceptional value for our customers and shareholders.”