The Hellenic Competition Commission (HCC) announced on October 3, 2025, that it has initiated an in-depth investigation into the proposed acquisition of exclusive control by Allwyn International AG (“Allwyn”) over Logflex MT Holding Limited (“Novibet”). The decision, made under Article 8(4) of Law 3959/2011, follows a preliminary review of the transaction, which was initially notified to the authority on January 27, 2025.
Allwyn International AG, part of the Allwyn Group, is an international gaming operator active in various jurisdictions. In Greece, Allwyn operates primarily through OPAP S.A., its subsidiary, which provides both land-based and online gaming services. These include sports betting and casino-style games offered under the brands Pamestoixima and Stoiximan.
Novibet, operated by Logflex MT Holding Ltd, is a well-established online gambling provider offering betting and casino games under the Novibet brand. The company has been recognized as an important competitor in the Greek online gaming sector, particularly for its dynamic market presence and innovation in online betting services.
According to the HCC’s preliminary assessment, the notified concentration raises serious doubts about its compatibility with effective competition in the relevant markets. The authority expressed concerns that the transaction could lead to a significant strengthening of Allwyn’s dominant position, as the merged entity would hold market shares exceeding 70% in both the online betting and online casino segments (excluding poker).
The HCC also noted that Novibet represents an important competitive force whose acquisition could remove a key market challenger, potentially altering the current market balance. Consequently, the authority identified potential horizontal non-coordinated effects, as well as possible vertical or collusive effects, given Allwyn’s extensive presence in related markets through OPAP and its affiliates.
During the full investigation phase, the HCC will further assess whether the identified concerns are substantiated. Under Article 8(4) of Law 3959/2011, the parties involved—Allwyn and Novibet—may propose remedies or commitments designed to address the Commission’s competition concerns and ensure that the transaction remains compatible with market functioning.
The HCC is expected to issue its final decision within 90 days of initiating the full investigation. The launch of this in-depth review does not prejudge the outcome of the assessment but indicates that the authority sees potential risks to competition that warrant a closer examination.
If approved, the deal would mark one of the biggest shake-ups in Greece’s online gambling scene, bringing together two major industry players under one roof. Still, the final decision will hinge on whether regulators conclude that the merger can move forward without hurting competition or limiting options for consumers in the country’s fast-growing online gaming market.
