Tag Archives: OPAP

Greece approves fixed 35% online gambling duty

Seeking to meet the qualifying criteria for its next EU sanctioned loan tranche, the Greek Syriza government has approved a fixed 35% Gross Gaming Revenue duty on licensed online betting operators. Imposed loan sanctions by the EU require Greece to meet a surplus of 3.5% of its national budget, with the beleaguered country having to raise an additional €1.5 billion …

Read More »

OPAP welcomes Damian Cope as new CEO following leadership responsibility split

OPAP Q3 bounce back hurt by continued lottery declines

Greek licensed gambling operator has announced the appointment of former Ladbrokes International MD Damian Cope as its new Chief Executive Officer. The appointment of Cope follows an internal review process of OPAP governance, which saw the operator split its corporate leadership roles of CEO & Chairman. The decision which will come into full effect on the 1 July, will see …

Read More »

Synot agrees OPAP VLT services partnership

Czech Republic gambling provisions operator Synot Group has confirmed that it will supply 2,000 video lottery terminals (VLT) to Greek licensed gambling operator OPAP. Synot services have been selected to be one of four primary VLT suppliers for OPAP the Greek monopoly gambling operator. Commenting on the agreement Ivo Valenta, chairman of SYNOT’s board of directors, stated “We consider this …

Read More »

Greek OPAP reports 19% revenue increase for Q3 2014 performance

OPAP Q3 bounce back hurt by continued lottery declines

Greek gambling and sports betting operator OPAP reported a 19.1% €1.1 billion revenue increase for its Q3 2014 performance (Q3 2013 – €898 milion). The operator was able to secure an improved net profit performance of 25.9% €55.9 million (2013 Q3 €44.4 million). The operator stated that its increase in revenues and profit performance had been driven by improved player …

Read More »

Greek Court deems OPAP monopoly legal

Greece’s High Court  ruled on Tuesday that former state owned operator OPAP’s monopoly of betting markets was legal. The courts rejected a long standing challenge put forward by international operators disputing the OPAP’s handle on betting and lottery operations in Greece. OPAP monopoly of Greek lottery and sports betting, had been challenged by William Hill, StanleyBet and Sportingbet. The operators …

Read More »

OPAP wins Greek horse racing tender

Greek state gaming and sports betting monopoly OPAP, has won the rights to operator horse racing betting in Greece. The decision to award OPAP was undertaken by the Hellenic Republic Asset Development Fund (HRADF), after it had opened Greek Horse Racing to a competitive tender. Greek news reports have stated that OPAP, had won the tender by submitting an offer …

Read More »

OPAP posts better than expected results for Q2 2014

Greek state owned gambling operator OPAP reported improved results in the second quarter of 2014. OPAP saw gaming revenues climb 8% to €947.3 million, as the operator posted an increase in EBITDA earnings of 50% to €68.6 million. The Greek operator, beat market forecasts which had expected a downturn in gaming revenues for OPAP. However OPAP’s net profit dropped 44.5 …

Read More »

Greek OPAP hit by retroactive tax bill of €21.6 million

Greek state betting/gambling monopoly OPAP has announced that its second quarter financial results would suffer due to the operator being hit by a retroactive tax bill of €21.6 million (£17.5 million). The multi-million tax bill dates back to 2010 fiscal year, OPAP had amounted tax charges of €29.6 million, of which the operator had paid just €8 million.  OPAP management …

Read More »

Greece’s OPAP offers redundancy scheme to 75% of staff

Greece’s betting monopoly OPAP has begun a voluntary redundancy scheme for about three-quarters of its staff to cut costs, one of its biggest unions said on Thursday.OPAP declined to say whether it was offering the scheme, which will mainly affect its retail network supporting services, according to a document outlining the program seen by Reuters. Greece sold a majority stake …

Read More »