Allwyn is undergoing a significant operational transformation as it strives to become one of the largest multi-channel gaming entities worldwide. Leading this transformation is Kresimir Spajic, the company’s digital CEO, who joined Allwyn in September of last year. He describes working alongside billionaire founder Karel Komárek as a transformative experience.
Spajic emphasizes, "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 limit his view to just gaming; he wants to expand our industry and especially our company beyond this realm," he shared during an interview at a Marbella hotel.
In the past year, Allwyn has expanded its footprint in the gaming sector through substantial mergers and acquisitions, such as the merger with 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 marks its entrance into the North American market and the daily fantasy sports sector.
As Allwyn integrates these new ventures, Spajic indicates that further M&A activities are on the horizon. While discussions are currently taking place, he stresses that there is no pressing rush to finalize any deals. "We don’t feel that pressure; we want to do the right deal. Our goal is to ensure that any acquisition aligns well with our aim of becoming the leading global digital entertainment company," he said.
Acknowledging the intense nature of the gaming industry, he added, "There is always an element of urgency because you don’t want to become obsolete. We’re not complacent. We’re constantly seeking what’s next and striving to be at the forefront. So, yes, there are several opportunities in the pipeline, but we’re not in a position where we must hastily close a deal."
Discussing the recent decision to walk away from acquiring European sportsbook Novibet, Spajic elaborated on the factors at play. "We were looking for several elements, including technology, talent, and market penetration, but ultimately, the deal did not hold its value due to various considerations discussed with the Hellenic Competition Commission," he explained.
He expressed disappointment, stating, "We felt it was a good deal for everyone involved, including Novibet, ourselves, the Greek government, and Greek consumers. In the end, it didn’t work out. Given how these deals should have been structured, it wouldn’t have delivered the anticipated value for any involved parties. We are now exploring other options and continuing to execute our M&A strategies."
Spajic mentioned that the company is in search of tuck-in acquisitions to enhance its operational and technical capabilities, aiming to access new, underdeveloped, or unregulated markets, as well as addressing gaps within its portfolio. "This was part of our interest in Novibet, and we’re still looking at the market," he noted, asserting confidence in their investment team’s focus on executing the company’s strategy.
Beyond acquisitions, Spajic highlighted that Allwyn is also bolstering its operational capacity through organic growth. "We’re improving our internal capabilities, as we recognize growth comes from two fronts. One is inorganic, primarily through acquisitions, but we are also delivering on organic growth by enhancing operational efficiencies and capabilities," he concluded.
