Intralot and OPAP are among the two companies fighting for the lucrative horseracing license that is currently on offer in Greece.
Gambling news reports Hellenic Republic Asset Development Fund (HRADF) has so far received two serious proposals for their horseracing betting license. The Greek privatization firm is now happy to be looking into selling the license to the prospective companies after initially retracting the offer last month due to decreased interest.
The license will be issued for a period of twenty years which will allow the potential providers in questions to offer betting services on horseracing events. Greek’s gaming and lottery company Intralot and local mobile betting giant OPAP have been identified as the two firm competing for the lucrative license.
Selling license is part of restructuring plan
The main reason behind selling the license to a private company is part of efforts to help raise capital for the government. This privatization plan was outlined as an objective by Greece’s international financiers, the International Monetary Fund (IMF) and the European Union, who has loaned a total of EUR 240 billion ($316 billion) as part of the bailout.
It has been reported that Intralot submitted an application earlier in the month, however its offer wasn’t good enough for HRADF and turned it down. Soon afterwards, the online gambling provider OPAP took advantage of the situation and tabled a EUR 40 million bid for the license. Now HRADF has to come to a conclusion on how to proceed next.