Stoiximan retains independence despite OPAP equity increase

GML Interactive, the operating company of Greek online bookmaker Stoiximan, has disclosed that OPAP SA will increase its majority shareholding in the betting group to 84.5%.

The transaction will see Athens-listed OPAP continue to increase its equity in Stoiximan’s Greek and Cypriot operations, having become the majority shareholder of the betting asset in 2019 after securing a 51% stake for €95 million.

Despite Stoiximan operating independently from OPAP, the Athens lottery group has acted as an enterprise investor of the betting firm. It has also maintained a 37% stake in TCB Holdings, the firm’s wider European franchise operating the Betano brand in Germany and Romania.

OPAP stated that the investment reflected a ‘clear recognition’ of Stoiximan’s impressive growth and future prospects within the Greek and Cypriot betting markets.

 Updating stakeholders, OPAP Group Chief Executive Damian Cope underlined that Stoiximan would continue to maintain its independence led by its current executive leadership team.

“Led by George Daskalakis, the Stoiximan team continues to successfully deliver impressive growth in all the markets in which they operate,” Cope stated.

George Daskalakis, Stoiximan co-founder and CEO, added: “Since OPAP’s initial investment 14 months ago, both Stoiximan and Betano have achieved impressive growth. This is the result of a strategic plan executed with consistency and professionalism by a team of more than 700 highly dedicated colleagues, who I am honoured to lead.

“OPAP’s decision to increase its investment in Stoiximan essentially fuels the prospects of our company in the future, but mainly constitutes a strong vote of confidence in our way of doing business. 

“We embark upon this next day of creativity with the same commitment and the same determination, to work hard in order to further consolidate Stoiximan’s position as the leading operator in the Greek online gaming market, while at the same time strengthen the growth of Betano in all target international markets.”