Allwyn AG said on 10 November 2026 that it plans to acquire the remaining 30% minority interest in Instant Win Gaming for about US$120m (€107m), giving it full ownership of the e-instant games supplier.
Why Allwyn AG is buying Instant Win Gaming (IWG) – remaining 30% minority interest
Allwyn said full ownership would give it a leading digital content capability and simplify its corporate structure, as part of a strategy to own and manage key technology and content capabilities. IWG's adjusted EBITDA rose 30% in 2025.
“We are delighted to announce further progress in our strategy to own and manage key technology and content capabilities that enhance product innovation, differentiation and time to market”
Deal terms and financing
The deal follows the exercise of a put option by IWG's minority shareholders. The price is based on a pre-determined valuation calculation, with the final amount subject to customary closing and working-capital adjustments.
Regulatory approvals and timing
Completion is expected in the first quarter of 2027.
Market context
IWG develops more than 250 new e-instant games a year for lotteries that are members of the WLA and NASPL. Allwyn announced the deal together with agreements giving it a perpetual global licence to Kambi's sportsbook source code for €50m over three years.
