Allwyn Acquires Majority Stake in Novibet Owner for M&A Expansion in iGaming Industry
Allwyn has recently acquired a 51% majority stake in Logflex MT Holding Limited, the proud owner of the online sports betting and gaming group Novibet. In this exciting deal, Allwyn will pay an initial €217 million in cash, with an additional €110 million potentially on the table based on Novibet’s performance in the future.
This acquisition is set to be finalized in the second half of 2025 pending legal and regulatory approvals. Novibet, with over 1,000 employees, is a key player in markets like Brazil, Cyprus, Greece, Ireland, and Mexico, with hubs in Malta, Greece, and Brazil.
Allwyn is thrilled about this acquisition, seeing it as a way to strengthen its technological capabilities and enhance its online sports betting and gaming initiatives. CEO Robert Chvatal sees this move as integral to driving forward the group’s momentum and offering an expanded experience for players in various markets.
Novibet’s CEO, George Athanasopoulos, is equally excited, naming it the start of an “exciting new chapter” for Novibet. Both companies are eager to join forces, combining resources, technology, and expertise to accelerate growth and expand their offerings to a wider audience.
This acquisition is not out of the blue for Allwyn, as it aligns with their strategy of making selective acquisitions to support growth. In fact, they acquired a 70% stake in Instant Win Gaming in February 2024, showing a clear path for their future expansion.
On top of the acquisition news, Allwyn recently shared its Q3 financial results, showing a 7% increase in revenue propelled by growth in markets like Austria, Cyprus, and Greece. With a consolidated revenue of €2.14 billion and gross gaming revenue up by 7%, the company is on a positive trajectory.
The UK-facing National Lottery business also saw growth, with revenue up by 3% despite stable activity levels. This recent success sets Allwyn up for an exciting future of innovation and expansion in the online sports betting and gaming landscape.
