Allwyn digital chief confirms active M&A pipeline but insists there is no rush to deal

Allwyn is positioning itself as a global multi-channel gaming group, and its digital CEO Kresimir Spajic says more acquisitions are coming — but only on the right terms. In an interview with iGaming Business, Spajic confirmed that several M&A discussions are in the pipeline, while insisting the group feels no pressure to close a deal. Spajic, who joined Allwyn last September, said founder Karel Komárek’s vision was the main reason he came aboard, adding that Komárek sees Allwyn as a digitally led entertainment company that can expand beyond gaming.

The comments come as Allwyn integrates two major transactions: the merger with Greek lottery operator OPAP, which brought a listing on the Athens Stock Exchange, and the $1.6bn PrizePicks acquisition, which expanded the group’s North American reach in daily fantasy sports and opened the door to new verticals. These deals are central to Allwyn’s goal of becoming one of the sector’s largest multi-channel gaming groups internationally.

A patient but active pipeline

Spajic said Allwyn is constantly evaluating opportunities because the industry does not allow complacency, but the company wants transactions that build on what it already does. “We don’t feel that pressure, we want to do the right deal,” he said, adding that “there is no urgency that we must do the deal.” Alongside the inorganic push, Allwyn is also pursuing organic growth by improving operational efficiencies and building its internal capabilities rather than relying on acquisitions alone.

Why Novibet fell through

Allwyn recently dropped its planned purchase of European sportsbook operator Novibet. Spajic said the target appealed because of its technology, talent and market penetration in certain regions. However, feedback from the Hellenic Competition Commission triggered a series of remedies that, once considered and restructured, failed to preserve the value of the transaction. He said the deal had looked good for Novibet, Allwyn, the Greek government and Greek consumers, but ultimately “in the end it didn’t work out.”

Looking ahead, Spajic said Allwyn will keep exploring tuck-in acquisitions that can improve its operational and technical capabilities, as well as deals that fill gaps in its portfolio, including in markets that are not yet mature or heavily regulated. He added that he believes the group has one of the smartest investment teams in the industry, focused on executing its M&A strategy.

Commentary

A separate analysis from SCCG Management, which republished the interview, characterised Allwyn’s measured approach as a lesson for consolidators: strategic fit and regulatory reality should outweigh deal velocity. SCCG noted that competition authority risk can quickly change deal economics, using the Novibet collapse as an example, and advised its clients to stress-test regulatory structures before pursuing consolidation at speed.