Allwyn Withdraws Novibet Acquisition Bid Amidst Competition Watchdog Feedback

European lottery and gaming giant Allwyn has announced the cessation of its proposed acquisition of Logflex MT Holding Limited, the parent company of online gaming operator Novibet. The decision follows a withdrawal of the submission for review by the Hellenic Competition Commission (HCC), prompted by initial feedback from the regulatory body.

In an official statement published on its corporate website, Allwyn clarified that the transaction would not proceed, citing a re-evaluation of the deal's potential to generate sufficient shareholder value in light of the HCC's observations. The company emphasized its strategic commitment to pursuing only those transactions that demonstrably create clear benefits for its investors. Both Allwyn and Logflex MT Holding had presented carefully considered proposals to the HCC prior to this decision.

Responding to the submitted plans, the HCC's preliminary assessment indicated that an acquisition of Novibet by Allwyn could lead to the establishment of a dominant position within Greece's online betting and gaming sector. This regulatory apprehension ultimately proved to be a decisive factor in the discontinuation of the merger efforts.

The initial agreement, unveiled in December 2024, stipulated that Allwyn would acquire a 51% controlling interest in Novibet's parent entity for an upfront payment of €217 million. An additional €110 million was also provisioned, contingent on Novibet's future performance metrics.

Novibet had been identified as a particularly attractive target for Allwyn due to its robust operational footprint across key European and Latin American markets. The acquisition was intended to serve as a significant conduit for Allwyn's strategic expansion into these regions, leveraging Novibet's established brand presence locally. Had the transaction gone through, Novibet was slated to operate autonomously within the Allwyn corporate structure.

With the Novibet deal off the table, industry observers anticipate Allwyn will intensify its focus on other strategic merger and acquisition opportunities throughout the current year. The company has, however, already made a substantial move in the North American market. In a separate significant development confirmed in December 2025, Allwyn successfully completed a $1.6 billion buyout of PrizePicks, a prominent US-based daily fantasy sports platform. This transaction saw Allwyn acquire a 62.3% stake in the digital platform, significantly scaling its ambitions across the North American continent.

PrizePicks is actively expanding into the nascent prediction market segment, an area Allwyn views as a crucial vertical for early establishment. This strategic move is being pursued despite ongoing regulatory challenges and setbacks observed in various US jurisdictions, including Nevada, regarding prediction market operations.