Allwyn Moves to Take Full Ownership of Instant Win Gaming

Allwyn plans to acquire the remaining 30% of Instant Win Gaming (IWG), taking full ownership of the digital e-Instant and instant-win games supplier in a transaction worth approximately $120 million (€107 million). Allwyn announced the planned acquisition on November 10, 2026, and expects completion in the first quarter of 2027.

The purchase would buy out IWG’s minority shareholders and place the supplier wholly within Allwyn. The final consideration remains subject to customary closing and working-capital adjustments, meaning the announced amounts could change before completion.

Put Option Sets the Purchase Terms

The transaction follows the exercise of a put option held by IWG’s minority shareholders, with consideration based on a pre-determined valuation calculation. Allwyn is acquiring the minority portion of a supplier it does not yet wholly own, moving from its existing position to full ownership under that shareholder mechanism.

Allwyn said the deal will simplify its corporate structure and forms another step in an inorganic growth strategy based on acquisitions. The purchase therefore changes the group’s ownership of IWG without introducing an entirely new operating business to its portfolio.

IWG’s founders will remain in their executive positions alongside the existing management team after the transaction. Allwyn said that arrangement will ensure leadership continuity, separating the change in ownership from the supplier’s day-to-day management.

IWG Brings International Lottery Relationships

IWG develops and supplies e-Instant games, with a broad portfolio spanning multiple game categories. Its established relationships with lotteries across the United States, Europe and other international markets give Allwyn full ownership of a digital content business with an existing international lottery footprint.

Allwyn reported that IWG’s adjusted EBITDA, a company-adjusted earnings measure, grew 30% year on year in 2025, based on US-dollar-denominated financial information. That growth gives the simplification rationale a commercial dimension: Allwyn is moving to full ownership of a supplier whose adjusted earnings measure expanded during the year.

Kresimir Spajic, chief executive officer of Allwyn Digital, said the strategy of owning key technology and content capabilities is intended to “enhance product innovation, differentiation and time to market.”

The IWG announcement accompanied Allwyn’s Kambi sportsbook technology consolidation, under which the group is taking a global perpetual licence to Kambi’s source code to develop an in-house platform. Kambi will provide development and deployment services during a transition before a dedicated team transfers to Allwyn. The Kambi agreements carry consideration of €50 million over the three years to 2029; Allwyn expects approximately half to be incurred in 2027.

If completed as expected, the transaction would give Allwyn direct ownership of a growing e-Instant supplier without an executive overhaul. The central consequence is a simpler ownership structure paired with management continuity, as Allwyn brings IWG’s content portfolio and international lottery relationships fully within its technology-and-content strategy.