Allwyn – formerly known as Sazka – will pay €50m up front as part of the deal, plus undisclosed earnout payments, based on the performance of the business in 2022, 2023 and 2024.
OPAP said its stake in the Betano business contributed to a €400,000 loss before interest, tax, depreciation and amortisation in 2021. The company will retain its 84.49% stake in the Stoiximan brand.
The operator said that selling the international business would reflect its “strategic focus on maintaining and strengthening its leading position in the Greek and Cypriot online gaming markets”.
The closing of the deal will depend on regulatory approval and Kaizen Gaming splitting the Betano brand from the rest of its activities.
Last month, Allwyn was selected by the Gambling Commission to become the first ever non-Camelot operator of the UK National Lottery from February 2024.
However, at the start of this month, Camelot announced that it had launched a legal challenge against the regulator over its decision.
One of the other losing bidders, Health Lottery operator Northern & Shell, has also filed a procurement challenge seeking to overturn the award, according to UK media reports.
Betano is an international online platform owned by Kaizen Gaming, a group that, in addition to Brazil, is also present in Portugal, Germany, Romania, Greece, Cyprus, Chile and Bulgaria. The firm is also a sponsor of 16 football teams in Europe and South America, including legendary teams such as Benfica, Porto, Sporting and recently Universidad de Chile.
In Brazil, in addition to the master sponsorship of Atlético Mineiro and Fluminense, the house also has a presence in online and offline media, seeking to expand its position in the market since arriving in the country in early 2021.
Source: GMB / iGB
