Allwyn Brands and Subsidiaries: Who Owns What?

Allwyn Brands and Companies at a Glance

The table identifies the documented relationship, not a complete chain of direct shareholders. Local operators and contracting entities can differ by territory.

The percentages describe different interests and reporting periods; they cannot be applied interchangeably.

What Counts as an Allwyn Subsidiary?

The word subsidiary has a more precise meaning than brand. In financial reporting, control is generally the central consideration: a company may be consolidated because its parent controls it, even if the parent owns less than 100% of the equity. Conversely, a substantial investment can remain an associate rather than a controlled subsidiary.

Four categories help to interpret the Allwyn portfolio:

• Controlled subsidiary: a legal company controlled within the group, directly or through other companies. Its activities may be consolidated in group accounts, subject to the applicable accounting rules.
• Associate or minority equity investment: a stake in another business without the same degree of control. Its financial treatment and the group's economic interest need to be read from the relevant reporting period.
• Brand: a name used for a lottery, sportsbook, gaming platform or technology product. A brand is not automatically a registered company or licence-holder.
• Licensed operator: the legal entity authorised to supply a regulated product in a particular jurisdiction. The licence may sit with a company whose name differs from the consumer brand.

Direct and indirect ownership also differ. A parent can have an economic interest through several holding companies without being the immediate shareholder of the final licensed operator. Allwyn's listed parent, Allwyn AG, is itself a distinct legal entity from Allwyn Entertainment Ltd, which runs the National Lottery in Britain. Their names are related, but their legal roles are not interchangeable.

This prevents a minority investment being mistaken for a wholly owned business or a local licence for group-wide permission.

Lottery and Instant-Win Businesses

Lottery operations are central to Allwyn's international identity, but the structure varies across markets. National lotteries operate within local concession or licensing frameworks, while content suppliers and technology companies may provide systems and games without being the consumer-facing lottery licensee.

In Britain, Allwyn Entertainment Ltd took over operation of the National Lottery under the fourth licence, which began on 1 February 2024. The Gambling Commission regulates that arrangement under the National Lottery framework. It is not a general remote casino licence for the wider Allwyn portfolio. The earlier operator, Camelot UK Lotteries Limited, remains a recognisable legal name in historical accounts, but its former role should not be described as the current operation.

Austria offers a different example. win2day is a consumer-facing name associated with Österreichische Lotterien Gesellschaft m.b.H. and the Austrian market. Its products and authorisations are not evidence that the same offer can be made to British consumers. Likewise, the group's Greek and other European lottery interests must be understood through the relevant national businesses, rather than a single global licence.

Instant Win Gaming Limited (IWG) sits on the technology and content side of the picture. Allwyn announced the completion of a 70% investment on 5 September 2024. IWG supplies digital instant-win games to lottery businesses; that supplier role is different from holding the operator's national lottery licence. The group also has lottery technology and service operations associated with Allwyn Lottery Solutions. Those businesses can support lottery infrastructure or management services without necessarily owning the end-user lottery brand.

A lottery operator, a technology supplier and a consumer brand may be three different businesses, even when they are part of the same group.

Is Betano Owned by Allwyn?

Betano is associated with Allwyn through its investment in Kaizen Gaming, rather than through a claim of direct ownership of every Betano operating company. Allwyn AG's interim reporting for the six months ended 30 June 2026 identifies a 36.75% effective group interest in Kaizen. A subsequent Allwyn regulatory announcement of 28 September 2026 also describes its 36.75% shareholding in Kaizen Gaming, the operator of the Betano brand.

This is not a 100% acquisition. Nor does it mean that the listed Allwyn AG is the operator named on every local Betano licence. The appropriate entity and regulator depend on the market.

For Great Britain, the Gambling Commission public register lists BV Gaming Limited and includes betano among its trading names; it also identifies betano.co.uk as a white-label domain. That is useful regulatory evidence about the British consumer-facing service. It is not evidence that Allwyn directly owns BV Gaming Limited or that a Kaizen shareholding automatically transfers operating rights to Allwyn.

The investment must also be kept separate from Stoiximan, whose group relationship and historical acquisition path are different. Betano and Stoiximan may be discussed in the same regional gaming context, but that is not a reason to give them the same ownership percentage or licensed operator.

What Is Allwyn's Stake in PrizePicks?

PrizePicks illustrates a majority acquisition rather than the minority-interest relationship seen with Kaizen. Allwyn International AG announced on 16 January 2026 that it had completed the acquisition of a 62.3% stake in PrizePicks. The business is associated with daily fantasy sports (DFS) in North America and with the developing US market for prediction-related sports products.

The acquisition was announced earlier, but it was not completed until January 2026. Allwyn's reporting consolidates PrizePicks from 16 January 2026, while the 62.3% figure describes its acquired equity interest.

PrizePicks is not a UK casino. Its US daily fantasy sports and prediction-related products operate in a different regulatory setting from British licensed casino gambling.

Allwyn's 2026 reporting should also be read with the acquisition date in mind: a newly acquired business may be included in consolidated results for only part of a comparative year. The percentage holding and the number of months consolidated are separate facts.

Other Interests, Technology and Deals That Did Not Close

Allwyn's portfolio has changed through investments and combinations, including the March 2026 transaction involving OPAP. Today's listed Allwyn AG should not be confused with an earlier company that also used that name. Equally, Allwyn International AG (Swiss UID CHE-149.109.354) was renamed KKCG Entertainment International AG on 8 July 2026. The current listed Allwyn AG has a different Swiss identifier, CHE-169.728.744. These legal identities are important when checking an older contract, report or shareholding claim.

Stoiximan, technology suppliers and lottery service companies also show why ownership categories cannot be assigned from marketing alone. The group's 2025–26 corporate disclosures identify interests across these businesses, but they do not establish one universal operating company for every product or market. Where the immediate legal parent or a local operator cannot be supported by the available records, it is more accurate to leave that link unspecified.

Novibet is not a completed Allwyn acquisition. On 4 March 2026, Allwyn International AG and Logflex MT Holding Limited announced that they had withdrawn their proposed transaction from review by the Hellenic Competition Commission. The parties said they no longer expected it to proceed. An older announcement of the intended acquisition does not override this later update.

Earlier corporate charts and later listed-group reports may cover different businesses after the OPAP combination.

Who Actually Operates These Brands?

The operator is the company responsible for providing a regulated product in the relevant market. It may be a subsidiary of the wider corporate group, a separate business in which the group has an investment, or a licensed partner. The consumer brand often does not reveal that distinction.

For the UK National Lottery, the identified operator is Allwyn Entertainment Ltd. For Betano in Great Britain, the Gambling Commission's register identifies BV Gaming Limited. For win2day in Austria, the relevant consumer business sits within the Austrian lottery framework. For PrizePicks, the available material supports the US business and Allwyn's majority investment, but it does not justify claiming a British casino operating licence.

This is a selected portfolio, not a complete worldwide subsidiary register. Some immediate parent companies, trademark owners and local licence-holders remain unidentified.

Allwyn's brands and subsidiaries therefore cannot be described accurately with one blanket ownership label. The strongest answer is a dated relationship: what the name represents, whether Allwyn controls it or holds an interest, and which legal entity operates the product in the market concerned.