OPAP acquires €50m stake in rival operator Stoiximan
Greek gambling giant purchases 36.75% stake in Stoiximan parent company to upgrade online product ahead of sportsbook launch
Greek gambling giant OPAP has agreed a €50m deal to acquire a stake in TCB Holdings, the parent company of rival operator Stoiximan Group, to improve its online offering.
OPAP acquired a 36.75% stake in TCB which operates online gaming services in Greece and Cyprus under the Stoiximan brand and uses its Betano brand in Romania and Germany.
Stoiximan Group reported annual revenue of €136m last year and EBITDA of €16m and the two operators will continue to compete with each other despite the deal.
As part of the deal, OPAP has also reached a pre-agreement with TCB to acquire joint control in Stoiximan Group’s Greek and Cypriot operations, subject to clearance from regulators.
OPAP is thought to have made the investment to leverage the latest in digital technology after the conclusion of its large-scale retail tech transformation programme this summer, as well as expanding into global markets through Betano, with Opap expected to launch its own Betgenius-powered website in the next two or three days.
OPAP’s focus has now switched to the online sector and the operator is set to launch its new online and mobile sportsbook brand, Pamestoixima.gr, by the end of the week.
OPAP CEO Damian Cope said: “As part of our ambition to become a world-class gaming entertainment company, we know that we must offer our customers an attractive and competitive online gaming experience.
“The imminent launch of our new online sportsbook is the first step in this direction, with the intention to add further products online over the next 12 months.
“The new sportsbook will offer competitive odds for our customers in Greece and generate additional commission income for the agents in our retail network,” he added.
The Greek Ministry of Finance is gearing up for official regulation of the online gaming market after it published draft legislation for gambling licenses in September.
Operator licenses for sports betting, live casino and poker could be granted as soon as Q4 2019.
“OPAP’s strategic investment in Stoiximan is a tangible acknowledgement of the hard work of the 450 members of our team and of our company’s successful growth model,” said George Daskalakis, CEO of Stoiximan.
“At the same time, it underscores its potential as we are entering the stage of the permanent regulation of the online gaming market in Greece.”