As part of the deal, Allwyn will initially pay €217 million (£180 million/US$225 million) in cash to acquire the stake. A further €110 million in potential future earnouts will then be due based on Novibet’s performance.

Subject to appropriate legal and regulatory approvals, the acquisition is expected to close in the second half of 2025. This was announced on December 30th.

Novibet employs over 1,000 people and operates in various markets including Brazil, Cyprus, Greece, Ireland and Mexico. The company operates from multiple hubs in Malta, Greece and Brazil.

Allwyn said the acquisition will strengthen its technological capabilities and strengthen its ambitions in online sports betting and gaming.

Allwyn said this acquisition is a continuation of its strategy of making selective acquisitions of relevant products, technologies and content to support growth. The acquisition of a 70 percent stake in Instant Win Gaming was announced back in February 2024, which is also in line with this strategy.

In terms of management, Novibet’s founding management team will continue to run the company after the transaction is completed. Novibet will operate as a separate company from Allwyn and will remain under its existing brand.

Allwyn CEO speaks of “significant” innovation potential

Commenting on the deal, Allwyn CEO Robert Chvatal said the acquisition will strengthen the group’s momentum. He added that players in multiple markets will also benefit from the expanded offering.

“The potential for innovation in this transaction is significant as we aim to provide our customers with access to the very best online sports betting and gaming experience,” said Chvatal. “Novibet has a world-class team and we look forward to taking advantage of the international opportunities ahead.”

Novibet CEO George Athanasopoulos also welcomes the deal. He said joining Allwyn marked the start of an “exciting new chapter” for Novibet.

“Allwyn’s commitment to growth opportunities was a key factor in our decision,” said Athanasopoulos. “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 offerings and bring our success to a much larger international audience more quickly.”

Growth in Austria, Cyprus and Greece is driving Allwyn in the third quarter

The deal comes after Allwyn reported its third-quarter financial results. These were announced last month and showed a 7% rise in sales, following gains in Austria, Cyprus and Greece.

Consolidated sales for the three months to September 30 reached 2.14 billion euros, exceeding the 2.01 billion pounds reported in the third quarter of 2023. Gross gaming sales were also 7% higher than in the previous year at 2.06 billion euros.

Certain markets across Europe experienced significant growth. Greece and Cyprus led the way with a 17% increase in consolidated sales, while sales in Austria increased 7% year-on-year.

Additionally, Allwyn’s UK-based National Lottery business continued to experience success. UK sales rose 3% to €980.9 million, although activity levels remained broadly stable compared to last year.