Allwyn has cancelled its planned €217m acquisition of Novibet after feedback from Greece’s competition authority.
The Czech lottery group and Novibet’s parent company, Logflex MT Holding Limited, have agreed to jointly withdraw the deal from review by the Greek Competition Commission.
The deal, first announced in December 2024, saw Allwyn acquire a 51% stake in Novibet for an initial €217 million, with the option of an additional €110 million in performance-based earnings.
According to the regulator, Novibet has been one of the few companies able to gain market share from major operators through aggressive pricing, strong marketing investment, and a user-friendly platform. The authority also noted that it was unlikely another competitor would be able to replace Novibet’s role in applying competitive pressure after the merger.
Market data referenced in filings linked to Novibet’s earlier attempt to go public through a merger with Artemis Acquisition Corporation suggested the operator held a strong position in Greece, with its market share projected to reach 20% by 2025.
Allwyn already maintains a significant presence in the Greek gambling sector through its partnership with OPAP, where it operates numerical lotteries, land-based sports betting, instant lotteries, and video lottery terminals (VLTs). The group is also active in online betting, iGaming, and digital lottery services through brands including Pamestoixima and Stoiximan.
