Allwyn History: SAZKA Origins, Expansion and OPAP Merger

Allwyn in One Minute: Two Histories, Not One Company

Allwyn's history begins with the Czech lottery business SAZKA and the expansion led by investment group KKCG. The Allwyn name arrived much later, in 2021, when SAZKA Group adopted an international identity. The group subsequently expanded its activities in lottery technology, digital gaming and sports-related products, while also taking over operation of the UK's National Lottery. In March 2026, a business combination with OPAP created the present listed group.

To understand Allwyn's development, it is important to distinguish the history of the business from that of today's listed company. The business and brand lineage runs from SAZKA through SAZKA Group to international Allwyn. The current Allwyn AG, descended from OPAP's legal vehicle, is not the company KKCG first invested in during 2011. Older filings may therefore contain names and registration numbers that do not match today's issuer.

How SAZKA and KKCG Became SAZKA Group

SAZKA was already an established Czech lottery operator when KKCG entered the business. According to Allwyn's official corporate history, KKCG became a co-owner of SAZKA a.s. in 2011 and its sole owner in 2012. These events mark the beginning of KKCG's modern lottery investment story; they are not the foundation date of today's listed Allwyn AG.

The strategy then moved beyond one domestic lottery business. According to Allwyn's published corporate history, EMMA Capital completed the acquisition of a controlling 33% shareholding in OPAP from the Greek state in 2013. This describes EMMA Capital's transaction at that date, not a direct 33% holding by today's listed Allwyn AG. The 2026 combination followed a much longer history of investment and association.

In 2015, KKCG and EMMA Capital jointly acquired a shareholding in the Austrian gaming and lottery company CASAG. The following year, the partners combined their lottery and gaming holdings under a broader corporate structure.

In 2016, KKCG and EMMA Capital merged their lottery and gaming assets into SAZKA Group. The group also developed interests connected with Austrian lotteries and the Italian Lotto concession. These steps changed the scale and geographical reach of the business, but not every operating company became a single legal lottery operator. National concessions continued to depend on the rules and entities applicable in each country.

Allwyn's history records that KKCG became the sole owner of SAZKA Group in 2019, acquiring EMMA Capital's remaining 25% interest, while EMMA retained SuperSport.

Why the Group Adopted the Allwyn Name

Allwyn became the new brand of SAZKA Group in 2021. By then, the organisation's activities extended well beyond the Czech market. A more international identity made sense for a group pursuing lottery and gaming interests in several countries.

The brand transition should not be mistaken for an instantaneous legal renaming of every subsidiary. Allwyn's own history places subsequent company-name changes in 2022: SAZKA Entertainment AG was renamed Allwyn AG, while SAZKA Group a.s. was renamed Allwyn International a.s. That earlier Allwyn AG name belonged to a different historical legal entity from the current listed Allwyn AG formed around the OPAP combination.

Older financial statements and company registers may therefore identify different legal entities.

From Camelot to Running the UK National Lottery

Allwyn's UK National Lottery history involves three separate events: winning a future licence, buying the former operator's business, and taking over the operation when the new licence began.

On 15 March 2022, the Gambling Commission named Allwyn its preferred applicant for the fourth National Lottery licence. The regulator formally awarded the licence on 20 September 2022, following the competition process. Winning this licence did not mean Allwyn immediately began operating the National Lottery: the incumbent still held responsibility under the preceding licence until its term ended.

In 2023, Allwyn acquired Camelot UK Lotteries Limited, associated with the third UK National Lottery licence, and the separate Camelot Lottery Solutions group, adding US technology and services.

The operational handover took place on 1 February 2024, when the fourth licence commenced. The named British licensee is Allwyn Entertainment Ltd, company number 13157556. The Gambling Commission describes the fourth Section 5 licence as a ten-year arrangement running from February 2024 to January 2034.

Camelot's acquisition, the licence award and the commencement of operations were not the same event. Nor does the National Lottery licence authorise every Allwyn-associated international business to offer remote casino gambling in Great Britain.

The Expansion Before the 2026 OPAP Combination

Before the OPAP transaction, Allwyn made acquisitions and technology investments, while other proposed deals fell through.

These events involved different relationships: content suppliers, majority-controlled businesses and minority investments.

Allwyn International AG confirmed completion of its 62.3% PrizePicks acquisition on 16 January 2026, expanding into North American daily fantasy sports.

Novibet demonstrates the opposite outcome. On 4 March 2026, Allwyn International AG and Logflex MT Holding Limited stated that they had withdrawn their proposed deal from review by the Hellenic Competition Commission and no longer expected it to proceed. Older descriptions of the intended purchase should not be treated as proof of acquisition.

How the Allwyn–OPAP Combination Changed the Group

The Allwyn–OPAP business combination was the decisive corporate event of 2026. It brought the businesses of Allwyn International AG and OPAP into a listed structure, but the sequence matters: announcement, amended terms, shareholder decisions, completion and later re-domiciliation each occurred at different times.

On 13 October 2025, the companies announced an all-share transaction and their boards' approval of the proposed combination. The announcement described an intended deal and expected structure. On 16 December 2025, Allwyn International AG and OPAP announced an amendment removing the planned issuance of preference shares with enhanced voting rights. That change altered the proposed governance and consideration structure; it was not a new acquisition closing.

OPAP shareholders considered the relevant steps at an extraordinary general meeting on 7 January 2026. On 20 January, the two boards announced a waiver of a cash-exit condition, allowing the process to proceed subject to remaining approvals and closing requirements. Both developments were important, but the transaction was still not complete at those dates.

On 24 March 2026, Allwyn AG announced completion of the combination. The enlarged listed company inherited the legal continuity of the former OPAP vehicle. This is the point at which the business lineage and the current listed issuer's reporting perimeter were brought together. It is inaccurate to describe the present issuer as simply SAZKA a.s. renamed several times since 2011.

The company subsequently completed its re-domiciliation to Switzerland on 29 May 2026. Another name change followed at a different level of the structure: Allwyn International AG, Swiss UID CHE-149.109.354, was renamed KKCG Entertainment International AG on 8 July 2026. Neither event should be interpreted as the original founding of the international lottery business.

These identities are documented in Allwyn AG's interim report for the six months ended 30 June 2026, its March and May announcements, and KKCG's corporate disclosures.

What Changed: And What Remained Different

The 2026 combination created a newly enlarged listed reporting group. It did not make its historical financial series automatically comparable. Accounts prepared for the legacy Allwyn International group in 2025 and those prepared for listed Allwyn AG for the six months ended 30 June 2026 reflect different consolidation boundaries. Comparing headline totals without allowing for those boundaries may misrepresent underlying growth.

Allwyn's business identity also continues to cover several kinds of relationships: controlled lottery operations, technology companies and investments in other gaming businesses. Their legal operators and economic interests must be understood at the relevant date and in their own jurisdictions.

The clearest reading of Allwyn history is therefore twofold. SAZKA and KKCG explain where the business came from; the OPAP combination explains the legal form of the current listed group. The National Lottery handover, PrizePicks acquisition and withdrawn Novibet transaction show why dates and transaction status are as important as names.