Allwyn to Acquire the Remaining 30% of Instant Win Gaming for €107m

Allwyn has announced the planned acquisition of the remaining 30% minority interest in Instant Win Gaming (IWG), the developer and supplier of e-Instant games to lotteries. The total consideration is approximately USD 120 million (€107 million). Completion is expected in the first quarter of 2027, and Allwyn will then own 100% of the business. The news came in an Allwyn investor release dated 10 November 2026.

The purchase follows the exercise of a put option held by IWG’s minority shareholders. The price comes from a pre-determined valuation calculation, with the final amount subject to customary closing and working capital adjustments. Allwyn bought its first 70% in 2024, so this is the second step on the road to full ownership.

Consideration for the remaining 30%

€107m

IWG Adjusted EBITDA growth in 2025

30%

Allwyn ownership after completion

100%

What Allwyn gets: a full-ownership games studio

Allwyn describes the deal as giving it “full ownership of a leading digital content capability”. IWG develops and supplies e-Instant games across a broad portfolio of game categories and has established relationships with lotteries in the United States, Europe and other international markets. Each year it builds more than 250 new InstantGames for its lottery customers, and it delivers them through its InstantRGS remote game server from data centres in the UK, Gibraltar, Canada and North America.

The numbers back the strategy. IWG grew Adjusted EBITDA by 30% year on year in 2025, and the founders stay in their executive positions alongside the existing management team. Allwyn also points to a cleaner group: buying out the minority “will also simplify Allwyn’s corporate structure” and is described as “a further step in the execution of its inorganic growth strategy”.

Where the 70% came from

Allwyn first agreed to invest in IWG on 5 February 2024, for a 70% stake financed from existing resources. At the time IWG reported EBITDA of £18.2m for the financial year ended 30 April 2023 and worked with more than 25 national and state lotteries around the globe, with a strong North American presence. Allwyn confirmed completion on 5 September 2024, and co-founders Rhydian Fisher and Simon Bucknall kept their roles as CEO and COO.

1. 5 February 2024Allwyn agrees to invest in IWG for a 70% stake.
2. 5 September 2024Investment completes. Allwyn holds 70%; the founders keep their CEO and COO roles.
3. 2025IWG grows Adjusted EBITDA 30% year on year.
4. 10 November 2026Allwyn announces the planned purchase of the remaining 30% after the minority shareholders’ put option is exercised.
5. Q1 2027Expected completion, with IWG wholly owned by Allwyn.

Announced alongside a €50m Kambi sportsbook agreement

Allwyn announced the IWG purchase in the same release as an agreement with Kambi to bring its sportsbook technology in-house. Allwyn takes a global perpetual licence to Kambi’s source code, the first transaction of this type for Kambi, for consideration of €50 million over the three years to 2029. Kambi provides development and deployment services during a transition, after which a dedicated Kambi team moves to Allwyn. Allwyn has sports betting revenue (GGR) of over €800 million in the 12 months to 31 December 2025.

Read together, the two transactions describe one plan. Allwyn is moving two core inputs, sportsbook technology and game content, from partner arrangements to assets it owns and runs. Kambi covers the technology side and IWG the content side, and Allwyn notes that a common platform opens up cross-selling with its substantial iGaming operations.

What it shows about gambling M&A

The IWG deal is a clear example of a staged buyout. A buyer takes a majority, leaves the founders in charge, and the remaining holders use a put option to sell the rest at a price set by a pre-determined valuation calculation. Minority holders get a defined route to value, and the buyer keeps the studio’s growth in the group. Lottery content is the draw: operators that already own the player relationship are buying the games their customers play.

The same lottery-and-content theme runs through our other coverage. See how ZEAL took Germany’s online lottery leader into UK prize draws with SevenCanyon, how GiG bought 80% of 888AFRICA to put an operator on its platform, and how Genius Sports acquired Legend to extend its media reach. Acquiry tracks these deals and the buyers behind them; if you run a gambling or iGaming content business and want to know who is buying, talk to us.