OPAP Cyprus transforms, rebrands and redefines its position in the Cyprus gaming market following its parent company’s merger with global giant Allwyn. While major changes within OPAP are already known in Greece, what do they mean for Cyprus? Today, we shed light on how the Allwyn developments affect Cyprus.

The merger establishes a new unified parent entity based in Luxembourg, integrating OPAP Cyprus into an international corporate governance structure. As Brief writes, this brings new rules, a revised hierarchy and strategic decisions directed by the parent company. The shift marks a reorganisation of the operational model, potentially affecting contracts, oversight mechanisms and internal role distribution.

However, despite the expected changes, the 15-year licence granted by the Republic of Cyprus remains valid and is not impacted by the change in ownership.

The key financial terms of the concession agreement, last renewed in 2024, include:

• Contract Duration: 15 years.

• State Share of GGR: The state is entitled to 22.5% of the Gross Gaming Revenue of OPAP Cyprus games (JOKER, LOTTO, KINO, etc.).

• Minimum Guaranteed Annual Revenue: Set at €20 million to the Republic of Cyprus.

• Social Contribution and Sponsorships: The company must allocate 5% of its Gross Gaming Revenue to sports, social and public-benefit activities in Cyprus.

• Licence Fee: The cost of the licence is paid in 15 annual instalments (the first was €4.2 million, with the remainder due every 31 January).

• Commitment of New Ownership (Allwyn): The merger or change in the parent company’s ownership does not invalidate the binding terms of the concession agreement signed with OPAP Cyprus. The new ownership is required to comply with the full terms of the 15-year contract and ensure the continuity of revenue and social contributions.

According to information obtained by Brief, the current corporate structure of the Cyprus entity is entering a restructuring phase, as the Group’s activities are being separated into new subsidiaries operating under the new holding company. This decision results in adjustments to management, legal agreements and the overall operational model.

With the anticipated OPAP rebranding by Allwyn in the first quarter of 2026, the Cyprus market will see one of its most recognisable companies adopt a new identity in branding, communication and marketing. The change signals a shift towards a more international, technology-driven corporate culture with prospects for digital expansion.

The transformation also brings access to Allwyn’s expertise and technological tools, enabling potential upgrades to platforms, back-office systems, the agency network and new digital products. OPAP Cyprus may expand its portfolio and adopt international practices and updated operational standards for players, agents and partners.

The technological dimension of the transformation is expected to have direct implications on daily operations. As a multinational group, Allwyn possesses tools, platforms and infrastructure that significantly exceed the capabilities of smaller markets. For Cyprus, this could translate into the enhancement of digital products, the introduction of advanced management systems, the modernisation of the agency network and the possible launch of new services—particularly in online gaming and interactive games.

Stage One:
The process begins with the separation of the Gaming Division and the creation of a new public limited company, to which OPAP will transfer its shareholdings in four wholly owned subsidiaries: OPAP Investment Limited, OPAP (Cyprus) Limited, OPAP Sports Ltd. and OPAP International Limited.

Stage Two:
The company’s registered seat will be relocated from Greece to Luxembourg through a cross-border conversion. The conversion will create the Transformed Company, which will establish a branch in Greece. All assets, receivables and liabilities of OPAP will be transferred to this branch.

Stage Three:
The Greek branch will be converted into a new Greek public limited company that will continue OPAP’s operations in Greece.

Stage Four:
Allwyn will conduct its own corporate spin-off, transferring its operational activities to a new wholly owned subsidiary named “Allwyn Management and BrandCo”. This spin-off will include all assets and liabilities of Allwyn.

Stage Five:
The Transformed Company will contribute all of Allwyn’s holdings in its global subsidiaries, and in return, the Transformed Company will issue new shares to Allwyn.

Stage Six (Final Stage):
The registered seat of the Transformed Company will move from Luxembourg to Switzerland.