Greece’s national privatization agency is ready to start selling the country’s share on the Hellenic Football Prognostics Organisation (OPAP) gambling monopoly, sources reported to the Greek gambling news.
OPAP, established in 1958, is one of Europe’s largest listed gambling companies. The Greek government practices management duties due to its 34 percent stake in the company. The firm was supposed to hold exclusive rights to all bet on sports in Greece until the year 2020.
According to industry analysts, the recent economic crisis in Greece forced the Greek government to sell its shares.
For the extension of the duration of the existing concession contract between the HR and OPAP as well as the further privatization of the company, Deutsche Bank and National Bank of Greece have been selected as HR’s financial advisors.
A statement from Hellenic Republic Assets Development Fund (HRADF) declared: “HRADF’s board meeting that will take place on September 19 will examine the start of an international tender to sell a 29 percent stake in OPAP.”
The government agency also declared that the sale of Greece’s state lottery could possibly be completed by the end of the year. The winner receives the exclusive license to run the National Lottery, the Popular Lottery, the European Lottery, the Instant Win Lottery, the Housing State Lottery and the New Year’s Lottery.
Greek gambling laws ensured OPAP’s exclusivity for the national lotteries until the end of this year.
The final candidate to run all of the Hellenic country’s lotteries is a syndicate comprising OPAP Investment Limited, and the Italian companies of Lottomatica Giochi E Partecipazioni Srl, Intralot Lotteries Limited and Scientific Games Global Gaming Srl.
For the privatization of a newly established special purpose company in which the HR has decided to assign its rights in the state lottery tickets, Credit Suisse and EFG Eurobank Equities have been selected as HR’s financial advisers.