Core Viewpoint - Allwyn plans to merge with its Greek subsidiary OPAP, creating the world's second-largest listed gambling business through a €16bn (£13.8bn) deal [1][2]. Company Overview - Allwyn took over the licence to run the National Lottery early last year and currently holds a stake of approximately 52% in OPAP, which is listed on the Athens Stock Exchange [2][3]. - The combined entity will be renamed Allwyn and will remain listed in Athens, with plans for a secondary listing in either London or New York [3]. Historical Context - Karel Komárek's holding company KKCG first invested in OPAP in 2013 and took full control in 2019 [3][8]. - The merger builds on an existing partnership between Allwyn and OPAP, both ultimately controlled by Komárek [2]. Strategic Moves - The merger is part of Allwyn's strategy to expand its international operations and tap into the growing US market [6]. - Recently, Allwyn acquired a $1.6bn stake in PrizePicks, a fantasy sports games operator in the US [7]. Challenges and Scrutiny - Allwyn faces scrutiny in the UK regarding its management of the National Lottery, which it took over from Camelot in February 2024 [9]. - The company has encountered issues such as a botched IT upgrade and ongoing lawsuits, which have hindered its performance [9]. - Allwyn is currently lagging behind its sales targets, with the UK Treasury facing a projected shortfall of over £8bn in taxes over the 10-year licence period [10].