Allwyn is currently engaged in a significant operational transformation, aiming to become one of the largest multi-channel gaming groups in the world. Leading this effort is Kresimir Spajic, the company's digital CEO, who joined Allwyn in September of the previous year. Spajic describes his collaboration with billionaire founder Karel Komárek as a transformative experience. "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," Spajic remarked during an interview at a hotel in Marbella.
Over the past year, Allwyn has significantly enhanced its business through major mergers and acquisitions, including its merger with OPAP, a prominent Greek lottery group, which has allowed Allwyn to be listed on the Athens Stock Exchange. Additionally, the company acquired PrizePicks for $1.6 billion, enabling it to extend its reach into North America and the daily fantasy sports market, with the potential to expand into other verticals.
When discussing future M&A opportunities, Spajic indicated that such discussions are actively ongoing. However, 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 inherent urgency in the gaming industry, noting the importance of staying relevant. "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 of that next thing. Yes, there are quite a few things in the pipeline, but there is no urgency that we must do the deal."
Regarding Allwyn's recent decision to withdraw from acquiring European sportsbook Novibet, Spajic explained that the company was looking for specific criteria, including technology, talent, and market penetration in certain regions. The deal was ultimately abandoned due to challenges in maintaining its value, which stemmed from feedback provided by the Hellenic Competition Commission (HCC).
"We felt it was a good deal for everybody, [including] Novibet, us, but also for the Greek government and for the Greek consumers," Spajic reflected. He added that as the deal was restructured, it failed to deliver the expected value for all parties involved, leading Allwyn to explore other M&A strategies.
Spajic elaborated on the company's ongoing quest for acquisitions, targeting smaller deals to enhance operational and technical efficiencies. He stated that Allwyn is either looking to enter less developed or non-regulated markets or to address strategic gaps in its current 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, very focused on executing our strategy," he mentioned.
In addition to its acquisition efforts, Spajic highlighted that Allwyn is also enhancing its operational capacity through internal improvements. "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 by improving operational efficiencies and bringing these technical capabilities," he concluded. A comprehensive profile of Kresimir Spajic will be available soon.
