Greek betting firm Novibet remains confident in its international vision despite being forced to withdraw from a planned M&A arrangement with lottery giant Allwyn.
Alwyn confirmed earlier this week that both it and Novibet had decided to abandon their M&A goals, after Athens-listed Allwyn secured terms to acquire a 51% stake in Novibet back in December 2024.
Pending regulatory approval, the transaction would have seen Novibet join a huge portfolio of Allwyn projects and assets, including fellow Greek firm and lottery operator OPAP, US daily fantasy sports (DFS) firm PrizePicks, along with the national lotteries of the UK, Czech Republic and Austria.
Novibet has reaffirmed today that the duo jointly decided to call it quits on the acquisition following the Hellenic Competition Commission’s (HCC) feedback on the translation, published in December 2025.
The firm’s statement read as follows:
“In relation to the transaction process between Novibet and Allwyn, Novibet confirms that, following developments during the review process conducted by the Hellenic Competition Commission, the two parties have jointly decided to withdraw the transaction and not proceed with its completion.
“This decision was reached after a comprehensive evaluation of the process and its parameters, with the primary objective of creating and safeguarding the maximum possible value for the company’s shareholders and investors.”
Deja vu for Novibet
This is the second time Novibet has had to back down from a merger. Back in 2023, the firm terminated a planned merger with Artemis Strategic Investment Corporation, a special purpose acquisition company (SPAC), which would have seen it listed on the Nasdaq Stock Exchange.
Regardless, the firm remains confident in its market prospects – as it did back in 2023, with the Artemis merger being called off for a similar reason as the Allwyn merger, that being that it no longer suited Novibet’s interests, in the company’s view.
Following this week’s Allwyn announcement, Novibet added: “Novibet continues to execute its strategic and investment plan with consistency, leveraging cutting-edge technology and its privately owned platform as key competitive advantages.
“Guided by innovation and technological excellence, the company is accelerating its international expansion and further strengthening its position as one of the most dynamic GameTech organizations with a strong global outlook.”