Allwyn is undergoing a significant operational transformation aimed at establishing itself as one of the largest multi-channel gaming companies globally. Leading this change is Kresimir Spajic, who serves as the digital CEO after joining the company in September 2022. Spajic describes his collaboration with billionaire founder Karel Komárek as a transformative experience that has greatly influenced his vision for Allwyn.
Spajic shared, "The main reason why I’m here is Karel, because he sold me his vision and his story. He sees Allwyn as a digitally led entertainment company. [And] he doesn’t look only through the realm of gaming, but he wants to expand our industry, and especially our company outside of this," during an interview at a Marbella hotel.
Over the past year, Allwyn has significantly broadened its presence through major mergers and acquisitions, notably its merger with the Greek lottery operator OPAP, leading to its listing on the Athens Stock Exchange. Additionally, the company made headlines with its $1.6 billion acquisition of PrizePicks, which allows it to extend its reach into North America and enter the daily fantasy sports market, with plans to explore other avenues.
As Allwyn integrates these new acquisitions, Spajic mentioned that more M&A activities are anticipated. A number of discussions are currently ongoing, but he emphasized that there is no rush to finalize any deals. "We don’t feel that pressure; we want to do the right deal. We want to do things which are accretive to what we are doing, and it will ultimately lead to our main objective of becoming the leading, global, digital entertainment company," he stated.
Spajic acknowledged the constant urgency within the industry, stating, "There is always an element of urgency in this industry, because you don’t want to become obsolete. We are not complacent. We are constantly exploring what the next thing is, trying to be at the forefront. So, yes, there are quite a few things in the pipeline, but there is no urgency that we must do the deal."
He also addressed Allwyn's recent decision to withdraw from its acquisition of the European sportsbook Novibet. Spajic explained that the deal collapsed because essential elements such as technology and market penetration were not up to par. Feedback from the Hellenic Competition Commission influenced the decision, with Spajic stating, "We felt it was a good deal for everybody, [including] Novibet, us, but also for the Greek government and for the Greek consumers. In the end, it didn’t work out. When you look at the way these deals should have been restructured, it wouldn’t deliver the value expected for any of the parties involved. So we are exploring other alternatives and executing on other M&A strategies that we have."
Allwyn aims for both tuck-in acquisitions to enhance its operational and technical capabilities while also seeking strategic assets to fill gaps in its portfolio. "That is one of the reasons we were looking at Novibet, and we have continued looking into the market. I believe that we have one of the smartest investment teams in the industry, which is very focused on executing our strategy," Spajic noted.
In closing, Spajic indicated that Allwyn is also focusing on improving its operational capacity internally. "We are increasing our internal capabilities because we see growth coming from two parts. One is inorganic, which has been mostly the path of our company, but we’re also delivering on organic growth as well by improving operational efficiencies and bringing these tracking capabilities."
A detailed profile of Kresimir Spajic will be published in iGB shortly.
