Allwyn International has terminated its bid to acquire Greek gaming operator Novibet following objections from the Hellenic Competition Commission.

 Allwyn had proposed to acquire a majority stake in Logflex MT Holding, operator of the Novibet online betting and gaming brand, in a transaction valued at up to €327 million.

The transaction was expected to complete in the second half of 2025, subject to receipt of legal and regulatory approvals, but has now been abandoned after the Hellenic Competition Commission (HCC) raised concerns about potential market dominance.

Allwyn owns Greece’s leading land-based and online gaming brand, OPAP, giving the company an existing market share in Greece of more than 50 per cent. Novibet is the second largest brand in the Greek market.

The HCC said in an opinion in December that the proposed acquisition would eliminate competitive pressure and further strengthen the dominant position of Allwyn, leaving its remaining competitors with negligible market shares.

The HCC also noted that the parties to the transaction have the highest advertising expenditure in the market, offer much higher bonuses to players, and have the strongest technological platforms.

The HCC added that since 2021, only Novibet has been able to challenge the dominance of OPAP in Greece.

The competition authority estimated that if the transaction was allowed to proceed, Allwyn would have a market share of more than 70 per cent of the Greek online betting and gaming market.

Allwyn said in a statement Wednesday that it has jointly agreed with Logflex MT Holding to withdraw their previously announced transaction from review by the HCC, in light of the feedback received.

The statement added: “While Allwyn and Logflex MT Holding Limited set out carefully considered proposals to the HCC, Allwyn is committed to only pursuing transactions that would deliver clear value for shareholders. Allwyn and Logflex MT Holding Limited therefore no longer expect the previously announced transaction to proceed.”

Allwyn’s business combination with OPAP is expected to complete in the second quarter of this year.

On Tuesday, OPAP reported a 4.9 per cent increase in total gross gaming revenue to a record €2.41 billion in 2025.

Shares in OPAP SA (ATH:OPAP) closed at €14.72 per share in Athens Tuesday, having set a new 52-week low of €14.54 per share earlier in the day.