OPAP SA-UNSPON ADR Business Summary

Allwyn AG (formerly OPAP SA), trading in the U.S. via the GOFPY unsponsored ADR, operates as a premier multi-national lottery and gaming giant following its landmark 2026 merger. The company generates revenue primarily through Gross Gaming Revenue (GGR) across five core segments: Lotteries (its largest vertical), Sports Betting, Video Lottery Terminals (VLTs), Online Gaming (iGaming), and Instant/Passive games. As the exclusive gambling provider in Greece and Cyprus, Allwyn has successfully transitioned into a digital-first powerhouse, with online activities contributing over 32% of total GGR. Positioned as the second-largest listed lottery and gaming operator globally, Allwyn maintains a dominant market share in Europe and a growing footprint in the U.S. and U.K. markets. It competes directly with global industry leaders such as Flutter Entertainment, Entain, and International Game Technology (IGT), distinguishing itself through a lottery-led model and high cash-conversion regulated operations. The company is led by a seasoned executive team following its integration into the Allwyn brand. Karel Komarek, the founder of the international investment group KKCG, serves as the Chairman and strategic architect of the group’s expansion. Robert Chvátal serves as the Group CEO, bringing extensive experience from his tenure at Sazka Group, while Jan Karas continues as the CEO of the OPAP business unit, overseeing the core Greek and Cypriot operations. Pavel Mucha serves as the Group Chief Financial Officer, and Argiris Diamantis holds the role of Chief Technology Officer, driving the firm’s digital innovation. The leadership is supported by a board that includes notable figures such as Lord Sebastian Coe. Following the 2026 business combination, the company is 78.4% owned by KKCG, with the remaining 21.6% held by public shareholders, reflecting a robust institutional backing and a clear mandate for global scale.