Bookmakers

OPAP, Europe's fourth largest gaming company, has agreed to acquire a controlling stake in the fast-growing Greek and Cypriot business of online bookmaker Stoiximan, it said on Tuesday.
OPAP, which already holds a 36.8 percent stake in Stoiximan's online operations in Portugal, Romania and Germany, has agreed to buy a 51 percent stake in Stoiximan's Greek and Cypriot operations.

OPAP, Europe's fourth-biggest betting business, said it had seen almost all its revenue wiped out by the closure of its outlets due to a coronavirus lockdown in Greece and Cyprus.

The government wants to see swift changes in the distorted market of online games of chance in Greece. Through the investment incentives bill tabled in Parliament, it will also try to legalize the existing market that was to a great extent deemed unconstitutional by the Council of State.

The market of games of chance is entering a new era after a decision by the Council of State, the country's highest administrative court, which invalidates the license that gaming giant OPAP had to provide online sports betting.

Greek punters staked over 16 billion euros on legal games of chance last year.

According to figures compiled by the Hellenic Gaming Commission (EEEP), Greeks bet 13.2 billion on all legal games to leave gross gaming revenues of 2.1 billion euros to the suppliers, while at least another 3 billion euros was gambled on video lottery terminals (VLTs), which EEEP has not accounted for.

Rating agency Moody's commented on Monday that the sale by Intralot of a 16.5 percent in lottery company Ellinika Lachia to main stakeholder OPAP is a credit positive for Intralot, and that the price of 20 million euros will go a long way toward improving its liquidity, which to date was seen as "weak," according to the agency.

Gambling giant OPAP announced on Tuesday that its 100 percent subsidiary OPAP Investment Limited has signed a memorandum of understanding with Intralot for the acquisition of the latter's stake in lottery company Ellinika Lachia, amounting to 511,500 shares or 16.5 percent of the share capital, for 20 million euros.

Greece's OPAP, Europe's fourth-largest betting firm by revenue, said on Tuesday its chief financial officer would step down by the end of September to pursue other opportunities.
Michal Houst joined OPAP in 2013 after Greece sold a minority stake to a Czech-Greek fund.

The principal objective of the public proposal put forward by main shareholder Sazka Group for the acquisition of up to 67 percent of OPAP is the incorporation of the Greek gaming firm's results in those of the company founded by Karel Komarek.

Greece's stock exchange temporarily suspended trading in OPAP on Monday pending an "important announcement" from Europe's fourth-largest betting firm by revenue.
The stock exchange did not provide any details. 

[Reuters]