Announced on 30 December, the deal involves a €217 million cash payment, supplemented by €110 million in future performance-based earnouts
Allwyn International has entered into a “definitive agreement” to acquire a 51% stake in Novibet, marking a strategic move to bolster its iGaming capabilities and extend its market reach across Europe and South America.
Announced on 30 December, the deal involves a €217 million cash payment, supplemented by €110 million in future performance-based earnouts. The transaction targets investors of Logflex MT Holdings to secure Allwyn’s majority stake in Novibet.
This investment aims to enhance Allwyn’s technological and operational capacity in online gambling. Novibet, which employs 1,000 staff across Malta, Greece, and Brazil, maintains a strong presence in Brazil, Cyprus, Greece, Ireland, and Mexico.
Dealmakers highlighted the significance of the acquisition:
“Allwyn’s acquisition of Novibet enhances the group’s technological capabilities, as well as strengthening its position in the online sports betting and gaming markets, in line with Allwyn’s strategy of making selective acquisitions in relevant products, technologies, and content to support its growth.”
A Transformative Year for Allwyn
The deal caps a milestone year for Allwyn. In February 2024, its UK subsidiary became the operator of the National Lottery, succeeding Camelot UK. Additionally, Allwyn expanded its gaming portfolio by acquiring a 70% stake in Instant Win Gaming (IWG), a leading online games developer for North American lotteries.
Strategic Vision for Innovation and Growth
Commenting on the acquisition, Allwyn Group CEO Robert Chvatal stated:
“Novibet has demonstrated its ability to expand across multiple markets and innovate, which will strengthen our momentum and enhance our offer to players. The innovation potential of this transaction is substantial as we look to provide our customers with the very best experience in online sports betting and gaming. Novibet has a world-class team, and we look forward to capitalising on the international opportunities ahead.”
Novibet will continue to operate as a separate entity under its founding management team. The partnership promises to leverage Allwyn’s resources and Novibet’s expertise to deliver innovative proprietary solutions and expand its product portfolio.
Novibet’s Journey and Future Ambitions
Since its founding in 2010, Novibet has become Greece’s second-largest online gambling operator and has expanded into regulated markets in Italy, Malta, and Ireland. The company also sees growth opportunities in Romania, Hungary, France, and Spain.
Reflecting on the partnership, Novibet CEO George Athanasopoulos remarked:
“Joining Allwyn marks the start of an exciting new chapter for Novibet. Allwyn’s dedication to growth opportunities was a key factor in our decision, and we look forward to combining their extensive resources and expertise with our leading technology and operational experience.
“This partnership will accelerate our ability to develop proprietary solutions, expand our product offering, and extend our success to a much larger international audience at a faster pace. We also want to recognise the passion and dedication of the entire Novibet team, whose unwavering commitment to our long-term vision has been integral to reaching this milestone.”
Novibet had previously explored alternative growth strategies, including a $700 million IPO via a SPAC merger with Artemis Investment Corporation. However, the company opted to remain independent, paving the way for this strategic alliance with Allwyn.