The planned acquisition of Novibet by Allwyn International AG has been abandoned after more than a year of investigation by the Hellenic Competition Commission, bringing to an end one of the most closely watched merger investigations in Greece’s online gambling sector.
In Decision No. 904/2026 adopted on 23 March 2026, the Competition Commission concluded that the examination of the transaction was no longer necessary because the notifying party had withdrawn both the deal and its notification. The case therefore became devoid of purpose before the authority could reach a final decision on whether to approve or prohibit the concentration.
The transaction concerned Allwyn’s proposed acquisition of exclusive control over LOGFLEX MT Holding Limited, the parent company of Novibet. The deal had been notified to the Commission in January 2025 under Article 6(1) of Greek competition law (Law 3959/2011). The investigation progressed through the typical stages of a complex Phase II merger review. The case team issued its report in December 2025, and a series of oral hearings took place before the authority in January and February 2026.
The Rapporteur’s recommendation identified several horizontally affected markets in which the activities of Allwyn and Novibet overlapped. These included online betting, further divided into sports betting on real events and betting on virtual events, as well as the market for online casino games, excluding peer-to-peer poker. According to the analysis presented to the Commission, these markets already display oligopolistic characteristics and rely heavily on competition between a limited number of technologically advanced operators.
The report raised significant concerns that the merger could substantially impede effective competition. In particular, the Rapporteur considered that the transaction would strengthen Allwyn’s dominant position and eliminate an important competitive constraint in the market. Novibet was described as the only online gaming operator that had demonstrated the ability to compete with Allwyn on roughly equal commercial and technological terms. The removal of this rival, the report suggested, would significantly weaken competitive pressure not only on Allwyn but also on other operators active in the sector.
On this basis, the recommendation submitted to the Commission proposed that the concentration should be prohibited. The analysis further suggested that no other competitor was likely to replace Novibet’s role as a significant competitive force if the transaction were completed.
In an effort to address the authority’s concerns, Allwyn submitted a package of commitments in October 2025 pursuant to Article 8(4) of Law 3959/2011. These remedies were intended to make the merger compatible with effective competition. However, during the oral proceedings the Rapporteur argued that the proposed commitments, whether considered individually or collectively, were insufficient to resolve the identified competition risks.
Allwyn later returned in February 2026 with revised commitments. These were again assessed by the Rapporteur, who maintained a critical view of their ability to remedy the structural concerns raised by the transaction.
Before the Commission could adopt a final decision on the merits, however, the notifying party decided to withdraw from the process entirely. In letters sent on 4 and 17 March 2026, Allwyn informed the Competition Commission that it was abandoning the proposed acquisition and waiving its merger notification.
Following this development, the Commission unanimously determined that there was no longer a need to continue the examination of the case. Decision No. 904/2026 therefore formally closes the procedure without ruling on the compatibility of the transaction with competition law.
The authority clarified that the announcement summarizing the outcome is an unofficial document intended for media use and does not bind the Commission. The full text of the decision will be published in the Government Gazette and on the website of the Hellenic Competition Commission.
