Allwyn hasn’t made up its mind just yet, but it’s effectively down to two heavy hitters: New York and London. Speaking after the company’s Q1 results, group CFO Kenneth Morton confirmed that both exchanges remain viable options given Allwyn’s substantial operations on both sides of the Atlantic.

The timing matters more now. Flutter’s recent exit from the London Stock Exchange underscores a real shift in how operators view dual listings in the UK capital.

A Post-Merger Reality Check

Allwyn’s secondary listing plans emerged as part of its landmark €16 billion merger with Greek lottery operator OPAP, announced last October. The combination closed earlier this year following shareholder approval in February, and Morton indicated the listing would follow once immediate integration priorities were addressed.

“We only closed the combination with OPAP several weeks ago. So we’ve been quite busy with the mechanics there,” Morton explained, noting that the transaction’s complexity had occupied management attention. “The listing is the next thing.”

The financials provided some confidence. Q1 saw Allwyn report total revenue growth of 8 percent to €2.39 billion, while net revenue climbed 21 percent year-on-year to €1.2 billion. The merged entity is delivering on operational expectations.

The London Question

Flutter’s decision to close its secondary LSE listing on 12 June casts a shadow over Allwyn’s own deliberations. The gaming giant cited persistently thin trading volumes and the mounting complexity and cost of maintaining dual listings as reasons for consolidating on the NASDAQ.

London’s lost some shine as a listing destination. The LSE ranked 20th globally for IPOs in 2024, attracting just 18 listings, whilst 88 companies have delisted or moved their primary listing away this year. New York’s deeper capital pools and superior liquidity look far more attractive by comparison.

M&A advisors have suggested a six to nine month window for a potential US listing. First, though, Allwyn needs to prove the OPAP integration is executing to plan.

Shareholder Value at Stake

For now, Allwyn trades on the Athens Stock Exchange under OPAP’s original listing, where shares currently sit at €13.86. Management has committed that any secondary listing will not trigger fresh equity issuance, preserving existing shareholder stakes.

Morton framed the decision in purely commercial terms: “We’re in a nice position where there are several good options. Realistically, we’re probably talking about New York or London. It’s more a question of where we’ll get the maximum benefit.”

That calculation will likely favour New York.

What the team thinks

Sheena McAllister says:

Allwyn’s dual-listing deliberation is a telling moment for the UK gambling sector, particularly as Flutter’s LSE departure has left a regulatory credibility vacuum that a major operator’s commitment could genuinely fill. What’s striking here is that London offers Allwyn something New York arguably cannot: direct proximity to the UKGC apparatus and a chance to anchor serious compliance credentials with UK stakeholders at a time when the sector desperately needs to rebuild trust. If Allwyn does choose London, it sends a powerful message that major operators still see value in the regulatory rigour the UK demands, despite the industry’s well-documented headwinds.