Novibet has expressed confidence in its future prospects after Allwyn withdrew from acquiring a 51% controlling stake in the Greek betting group earlier this week.
In a statement issued this morning, Novibet reiterated that it and Allwyn jointly decided to call the transaction quits after receiving feedback from the Hellenic Competition Commission (HCC).
The HCC published the conclusions of its review into the M&A in December 2025, coming a year after Allwyn and Novibet first secured terms for the majority stake acquisition. The HCC raised a number of concerns about the potential impact on the market.
It appears that in the months since the takeover, both Allwyn and Novibet have concluded that any changes they may have had to make to the transaction meant it was no longer worth the time or resources.
“This decision was reached after a comprehensive evaluation of the process and its parameters, with the primary objective of creating and safeguarding the maximum possible value for the company’s shareholders and investors,” Novibet’s statement read.
Not Novibet’s first rodeo
This is the second time in the past five years that Novibet has had to back down from a major market move. Back in June 2023, the firm had to abandon a planned merger with Artemis Strategic Investment Corporation – a special purpose acquisition company (SPAC).
The deal would have seen Novibet secure a listing on the Nasdaq Stock Exchange, but was not meant to be.
In December 2024, the firm secured terms for the 51% stake sale to Allwyn. If this had gone through, the company would have become part of Allwyn’s wider multi-billion network, which has a primary listing on the Athens Stock Exchange.
However, Novibet does not seem overly fazed by the termination of its deal with Allwyn – maintaining a similar attitude to the one it had following the termination of its merger with Aremis three years ago.
“The announced SPAC transaction would have provided us with growth capital and a ticket to become listed on one of the biggest exchanges in the world,” Novibet CEO George Athanasopoulos told SBC Leaders in 2023.
“Unfortunately and outside of our control, the SPAC market deteriorated to the point of becoming a negative return for target companies.”
In 2026, Novibet remained confident in its capabilities, with a dominant position in its home market of Greece as well as in key the Latin American markets of Brazil, Chile, Ecuador and Mexico.
As it is not a listed business, Novibet does not regularly publish public financial statements. However, the company has cited its inclusion in the FT1000 Europe’s Fastest Growing Companies for the second year in a row as testament to its potential.
“Novibet continues to execute its strategic and investment plan with consistency, leveraging cutting-edge technology and its privately owned platform as key competitive advantages,” the firm stated.
“Guided by innovation and technological excellence, the company is accelerating its international expansion and further strengthening its position as one of the most dynamic GameTech organizations with a strong global outlook.”
The company’s dominance in Greece was also noted by the HCC in its assessment of the 51% stake sale to Allwyn.
The regulator concluded that Novibet was the only firm capable of competing with Allwyn – which recently merged with OPAP after holding a majority stake in the Greek betting and lotteries firm for years – on an equal footing.