OPAP

Greece's biggest betting company OPAP, will pay an extra 70 million to 75 million euros in tax this year under new laws on gross gaming revenues, Chief Executive Kamil Ziegler said on Monday.

The former state monopoly, majority-owned and managed by a Greek-Czech fund since 2013, paid more than 600 million euros in taxes last year.

The Finance Ministry has decided to abolish the levy of 5 cents per entry in games of chance organized by Greek betting firm OPAP.

Instead of the controversial levy, the new tax bill provides for an increase in the tax on gaming company net revenues from 30 to 35 percent.

Greek stock market investors continued to brace for the worst on Wednesday in the absence of any sign of agreement between Athens and its creditors, with the benchmark chalking up a fourth consecutive day of significant losses. The bourse closed before the European Central Bank convened to discuss whether to extend local banks? emergency liquidity assistance (ELA) cash limit.

The Greek bourse reacted with disappointment on Thursday after investors? hopes for a deal between Athens and its creditors, which spurred a mini-rally on Wednesday, once again failed to materialize, with some of the traders reaping capital gains.

The lucky winner of more than 9.5 million euros in the “Joker” lottery game may not have appeared so far, but two of his, or her, attorney visited the “lucky” betting parlour on Tuesday.

According to the betting pools operator OPAP, the multi-million-euro ticket cost a mere … three euros.

The ticket was submitted at a parlour in the Kypseli district of central Athens.

Greek betting firm OPAP reported an 18 percent rise in its first-quarter net profit on Tuesday, helped by the launch of new games and cost controls.

Reports about a possible compromise being reached in the Brussels Group talks as a goodwill gesture by the European Commission helped the local stock market rebound on Monday after morning losses led the benchmark to decline up to 2.70 percent.

Athens?s lack of progress in its negotiations with the country?s creditors and increasing talk of a Greek eurozone exit weighed heavily on local stocks on Friday, forcing losses of exactly 3 percent on the benchmark. Trading volume rose on the increase in sales.

Czech KKCG Group said on Wednesday it has raised its share in Greek lottery company OPAP.

KKCG said it acquired an additional 22.35 percent stake in investment fund Emma Delta from ICT Holding, substantially controlled by Russian entrepreneur Alexander Nesis.

Once the transaction is completed KKCG will hold 44.7 percent in Emma Delta.

Greece's OPAP, Europe's second biggest gambling firm based on market value, on Monday reported an annual 41 percent rise in 2014 net profit, boosted by the launch of new games and cost savings.

A six-year recession at home had hurt OPAP in previous years but cost containment by its new management which took over after the firm was fully privatised has helped.