Allwyn is currently undergoing a significant operational transformation, aiming to establish itself as a leading multi-channel gaming group on a global scale. Leading this transformation is Kresimir Spajic, the company’s digital CEO, who joined Allwyn in September of the previous year. Spajic has expressed that partnering with billionaire founder Karel Komárek has been a pivotal experience for him.
Spajic stated, "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," while speaking to iGB at a hotel in Marbella.
Over the past year, Allwyn has significantly increased its footprint through major mergers and acquisitions, starting with its merger with OPAP, the Greek lottery giant, which has resulted in the company’s listing on the Athens Stock Exchange. The $1.6 billion acquisition of PrizePicks marked its entry into the North American market and the daily fantasy sports arena, with possibilities for further expansion into other areas.
As Allwyn integrates these new ventures, Spajic indicated that the company is actively considering additional M&A opportunities. He acknowledged ongoing discussions but emphasized 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 remarked.
He added, "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, and trying to be at the forefront of that next thing. So, yes, there are quite a few things in the pipeline, but there is no urgency that we must do the deal."
Spajic also shed light on the company’s recent decision not to pursue the acquisition of European sportsbook Novibet. He explained, "There were a couple of elements we were looking for, one definitely is technology, talent, but also market penetration in certain areas that they have."
The deal was abandoned as various proposed remedies failed to preserve the transaction’s value, a decision influenced by the Hellenic Competition Commission (HCC). Spajic remarked, "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, and everything wouldn’t ultimately deliver the value that we expected for any of these parties. So we are exploring other alternatives and executing on other M&A strategies that we have."
Going forward, Allwyn is targeting acquisitions that will enhance both operational and technical capacities. Spajic noted the desire to open up to underserved markets or to strategically fill gaps in their existing portfolios. He added, "I believe that we have one of the smartest investment teams in the industry, which is very, very focused on executing our strategy."
In addition to pursuing acquisitions, Spajic highlighted that Allwyn is also working on improving its operational capacities organically, stating, "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 more in-depth profile featuring Kresimir Spajic is expected to be released in the near future on iGB.
