OPAP to expand into regulated markets following JV
Greek monopoly in discussions with technology partners to offer online casino and poker.
OPAP will expand into other European regulated markets following the confirmation of a proposed joint venture that will see it offer online games for the first time later this year.
The Greek monopoly, which currently only offers land-based products within the EU member state, announced this week it was in discussions with three possible joint venture partners to develop online games.
One of GTech G2, Playtech, and Intralot will provide technology and marketing services to OPAP, and according to a company spokesman, could aid its expansion into other regulated or soon-to-be regulating territories by providing international licences and access into new markets as part of the deal.
While it remains unclear as to exactly which games will be regulated in Greece beyond sportsbetting, bingo and lottery-products, there is speculation that only live versions of casino games will initially be allowed. OPAP expects to gain licences for online casino and poker, and to roll them out by the end of the year, the spokesman added.
“We don’t just want to stay within Greece but to move into other regulated markets,” he told eGaming Review earlier today.
“The first priority is Greece and we would like to capitalise on the strengths the OPAP brand has here. So the objective of the JV is to have B2C activity in Greece to start with, then abroad in the second stage.
“The JV will definitely only target regulated markets and we are not going to be acting as pirates. That was one of the criteria we had when selecting the companies; that they are only in regulated markets.”
The Greek government this week announced plans to sell off a 29% stake in OPAP in order to raise funds to pay off its mounting debt.
The stake is thought to be worth at least 1bn, although OPAP’s spokesman said the government will be “looking for a premium”.
The value of any such deal is likely to depend on what the games the Greek government regulates. However with general elections expected in May, the wait for confirmation could be longer than anticipated.
“The current share price is at an all-time low, but this does not factor in the potential value of the new products, including the online offering.
“OPAP has huge potential when it becomes private to become less bureaucratic and have a faster decision making processing, and then it can really compete in the open world. Once we complete the puzzle with the remaining products in Greece we will have the full compliment. We can be the leading gaming company in Europe,” he added.