Multinational lottery operator Allwyn has agreed to acquire a 51% majority stake in Logflex MT Holding Limited, the owner of online sports betting and gaming group Novibet. The company is expected to pay an initial 217 million euros ($225 million) in cash as part of the transaction, plus 110 million euros in potential performance-based earnouts.

The acquisition, announced on December 30, is expected to close in the second half of 2025, subject to appropriate legal and regulatory approvals. The move is intended to strengthen Allwyn’s technological capabilities and strengthen its ambitions in online sports betting and gaming, the company said.

Novibet was founded in 2010 and employs over 1,000 people. It is considered Greece’s second largest online gambling company. The company operates in various markets including Cyprus, Greece, Ireland, Mexico and Brazil. Management sees further growth opportunities in Romania, Hungary, France and Spain.

Novibet’s founding management team will continue to run the company following the completion of the transaction. The business will operate as a separate entity from Allwyn and will remain under its existing brand.

Allwyn expands iGaming presence

The purchase is intended to strengthen Allwyn’s iGaming presence in Europe and South America. The company called it a continuation of its strategy to make selective acquisitions of relevant products, technologies and content to support growth, having previously announced a 70 percent stake in Instant Win Gaming in February 2024.

Allwyn CEO Robert Chvatal said the acquisition would strengthen the group’s momentumand points out that players in multiple markets will also benefit from its 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.” Chvatal said. “Novibet has a world-class team and we look forward to taking advantage of the international opportunities ahead.”

Novibet CEO George Athanasopoulos also welcomed the deal and described that the acquisition marks the beginning 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 solutionsexpand our product offering and bring our success to a much larger international audience more quickly.”