Allwyn Digital CEO Signals Measured M&A Approach With Active Pipeline but No Rush to Close
TL;DR — Allwyn Digital CEO Kresimir Spajic confirmed M&A discussions are in the pipeline but with no urgency to close, as the firm integrates its OPAP merger and $1.6 billion PrizePicks acquisition. The Novibet deal collapsed after Hellenic Competition Commission feedback on remedies eroded value. Allwyn is balancing inorganic moves with organic operational growth.
SCCG Take — This measured approach underscores the need to prioritize value and strategic alignment in regulated M&A. Client-partners should weigh regulatory risks carefully before pursuing consolidation at pace.
Allwyn is transforming into a global multi-channel gaming group through major acquisitions, but its digital CEO says future M&A will proceed without urgency. Kresimir Spajic told iGaming Business that discussions are underway, yet the company wants to ensure deals align with its vision of becoming the leading digital entertainment company. This follows the OPAP merger that listed Allwyn on the Athens Stock Exchange and the $1.6 billion PrizePicks deal to expand into North American daily fantasy sports.
M&A to Support Allwyn’s Global Strategy
Spajic, who joined Allwyn in September last year, was drawn by founder Karel Komárek’s vision that looks beyond gaming. “The main reason why I’m here is Karel, because he sold me his vision and his story. He sees Allwyn as a digitally led entertainment company. [And] he doesn’t look only through the realm of gaming, but he wants to expand our industry, and especially our company outside of this,” Spajic said.
On the pace of deals, he added: “We don’t feel that pressure, we want to do the right deal. We want to do things which are accurative to what we are doing, and it will ultimately lead to our main objective of becoming the leading, global, digital entertainment company.” Spajic noted an industry element of urgency to avoid obsolescence but stressed the firm is not complacent, with “quite a few things in the pipeline, but there is no urgency that we must do the deal.” Allwyn is also building organic growth through operational efficiencies.
Why Novibet Didn’t Work Out
The recent withdrawal from the Novibet acquisition stemmed from remedies tied to feedback from the Hellenic Competition Commission that failed to maintain transaction value. “There were a couple of elements we were looking for, one definitely is technology, talent, but also market penetration in certain areas that they have,” Spajic explained. He added that the restructured deal “wouldn’t ultimately deliver the value that we expected for any of these parties,” including Novibet, Allwyn, the Greek government, and consumers.
Spajic said Allwyn continues to explore tuck-in acquisitions for new frontiers or portfolio gaps, leveraging a strong investment team. After more than 30 years advising on gaming and securities matters, this deliberate stance strikes me as prudent at an inflection point where strategic fit must prevail over speed. Operators and investors should monitor how Allwyn integrates recent deals before advancing its pipeline.
Reporting: iGaming Business (iGB)
Smart consolidators win by prioritizing strategic fit and regulatory reality over deal velocity—Allwyn gets it after the Novibet breakdown.
We're watching Europe's largest lottery operator pivot to digital entertainment globally, balancing $1.6 billion in U.S. DFS expansion with tuck-in targets. Allwyn's pullback from Novibet after Greek regulatory feedback shows how fast competition authority risk can kill deal economics. That discipline matters as regulated M&A heats up across our client base.
- Allwyn pursuing M&A pipeline with no urgency, focusing on strategic fit and value post-OPAP and PrizePicks integrations
- Novibet deal collapsed when Hellenic Competition Commission remedies eroded transaction value for all parties
- CEO Spajic building for digital entertainment vision beyond gaming, balancing inorganic deals with organic operational growth
SCCG angle: SCCG has walked clients through competition authority processes in Greece, the U.S., and across Europe. When regulatory remedies threaten deal value, we bring the regulatory advisors, tech diligence partners, and market intelligence to stress-test structures before they break. We help buyers and sellers see around corners in consolidation plays where licensing and market dominance collide.