Lottery and gaming operator Allwyn is increasing its online focus with the sale of its land-based casinos in Germany and Australia.
The multi-national operator sold its German land-based casino business earlier this month for expected gross proceeds of €67.7 million, with the sale consisting of 10 casinos in Lower Saxony.
The company has also agreed to sell its 42 per cent stake in the Reef Hotel Casino complex in Cairns, Australia, for expected proceeds of approximately €54 million, with the transaction expected to complete in the first half of 2026.
The German and Australian casinos formed part of Allwyn’s Casinos Austria International subsidiary.
Allwyn is also increasing its stake in Greece and Cyprus-facing online betting and gaming operator Stoiximan from 84.49 per cent to 100 per cent.
Allwyn will pay a cash consideration of €191.6 million for the 15.51 per cent stake in Stoiximan on a cash-free debt-free basis, plus an adjustment for net cash as of the closing date.
The acquisition through Allwyn’s OPAP subsidiary was announced on Friday (18 July) and is expected to complete in the third quarter of this year, subject to approval from the Cypriot regulatory authorities.
The German and Australian casino operations form part of Allwyn’s Austria segment, while Stoiximan is reported as part of the Greece and Cyprus segment.
In connection with the transactions, Allwyn plans to re-present consolidated balance sheets for comparative periods to reflect a related liability, which was €205.6 million as of 31 March, with a corresponding adjustment to equity. The change will have no effect on Allwyn’s income or cash flow statements.
Total revenue from the German casino operations was €126.4 million in 2024, while Allwyn’s stake in the Australian business generated net income of €2.4 million.
Allwyn said that the Stoiximan acquisition is in line with its strategy of increasing its interest in existing operations that are not wholly-owned, while also increasing its exposure to the high-growth online sports betting and iGaming segments.
Jan Karas, chairman & CEO of OPAP, commented: “The investment in Stoiximan has greatly contributed to solidifying OPAP’s position in the Greek and Cypriot online markets. I am therefore very pleased with the recent transaction, which further expands our footprint in the fast-growing online market. Looking forward, we are confident that our dual brand strategy will remain effective and both our brands, Stoiximan and Pamestoixima.gr, will sustain their growth momentum.”
The Stoiximan transaction will be financed through cash resources and liquidity facilities at OPAP.
Stoiximan chief executive Nikos Fligos added: “This milestone marks a new chapter in Stoiximan’s journey. With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.”
Shares in OPAP SA (ATH:OPAP) were trading 0.21 per cent higher at €19.24 per share in Athens Monday morning.