Allwyn Sells Germany and Australia Casino Assets to Focus on iGaming, Sports Betting
Allwyn International has restructured its operations by acquiring the remainder of Stoiximan and withdrawing from land-based casino markets in both Germany and Australia. These strategic business decisions reflect a pivot toward enhancing its role in digital sports betting and iGaming sectors.
LISTEN TO THIS ARTICLE:By acquiring the final 15.51% of shares in Stoiximan Limited, Allwyn now holds complete ownership of the digital wagering platform operating across Greece and Cyprus. The transaction was completed through OPAP, a Greek lottery firm in which Allwyn maintains majority control. OPAP is providing €191.6 million in cash for the stake, free of debt and cash adjustments, using funds from its existing reserves.
Related: Allwyn Signs Multi-Year Partnership with Formula 1The transaction is awaiting regulatory approval in Cyprus and is expected to be completed in the third quarter of 2025. OPAP's initial investment in Stoiximan began in 2018 and gradually increased over time, eventually reaching 84.49% ownership before this final acquisition.
Taking full ownership of Stoiximan enables Allwyn to expand its digital presence in Southern Europe's growing online gambling market. This approach is consistent with the company's broader plan to consolidate control over partially owned assets in high-growth segments.
Allwyn views this transaction as a strategic move to boost its digital gambling portfolio, which complements its core lottery business. Stoiximan recorded a 27% year-over-year increase in gross gaming revenue in 2024, further reinforcing its value within the group's broader digital operations.
Alongside the Stoiximan acquisition, Allwyn has finalized the sale of its German casinos and agreed to divest its Australian casino interest. These exits are expected to generate a combined return of about €105 million in gross proceeds.
The company completed the sale of ten casino properties located in Lower Saxony, Germany. The deal yielded €67.7 million, including a pre-sale dividend of €15.2 million and €52.5 million in sale revenue received in July 2025. Previously part of Allwyn's Austrian business segment, the German casinos brought in €126.4 million in revenue last year.
In Australia, Allwyn agreed to transfer its 42% ownership in the Reef Hotel Casino in Cairns. This stake, held through the Reef Casino Trust (RCT), is being sold via an off-market cash offer valued at approximately €54 million.
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Subject to the approval of at least 80% of RCT investors and clearance from regulators and competition authorities, the transaction is scheduled for completion in the first half of 2026. Both Allwyn and its partner Accor, who collectively control over 71% of RCT units, have already agreed to the offer terms.
Following the Stoiximan acquisition, Allwyn will revise its balance sheet to recognize a €205.6 million liability as of 31 March 2025, with an equivalent adjustment to shareholders' equity. The company noted that this change will not affect its reported earnings or cash position.
These asset sales and digital investments are part of Allwyn's broader shift toward online gaming. In December 2024, the company disclosed its intention to acquire a 51% stake in Logflex MT Holding, parent company of online gaming brand Novibet, in a deal worth €217 million. This acquisition is scheduled for completion in the second half of 2025 and further supports Allwyn's digital strategy.
Allwyn posted €2.34 billion in revenue for the first quarter of 2025, a 6.4% rise from the prior year. Net revenue increased by 5.4% to €1.01 billion, while adjusted EBITDA reached €362.3 million. The EBITDA margin dipped from 37.4% to 35.9%, reflecting a slight slowdown in profit growth at 1.3%.
In a financing update, Allwyn's UK-based entity, Allwyn Entertainment Financing (UK) plc, launched a €500 million offering in senior secured notes. The proceeds are intended to retire existing 2027 notes and cover transaction-related expenses, combining new capital with funds already available.
The company reported that business activity through the first quarter of 2025 remains consistent with expectations. Product demand has stayed strong despite external challenges such as global economic pressures and trade-related uncertainties.
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