OPAP and Intralot battle for Greek horse racing tender
Greek privatisation agency confirms the two operators will go head-to-head in tender process
The Hellenic Republic Asset Development Fund (HRADF) has confirmed Greek monopoly OPAP and international operator Intralot will compete for the exclusive rights to operate mutual horse race betting in the country.
On Friday the country’s privatisation agency said the two parties had bid for the contract and it would meet on Tuesday to discuss their respective offers having sought recommendations from financial and legal advisors.
A decision is expected to conclude before the end of the month with the winner receiving the 20-year exclusive rights from the incumbent operator ODIE, which posted a net loss of 23.4m in its 2012 financial year.
While no terms of the respective bids have been revealed, OPAP confirmed itself to have bid for the tender last month after partnering with London-based fund management company Global Family Partners.
OPAP did however reveal in a statement that its offer would not be lower than 40m, a price which far exceeds Intralot’s initial bid of 5.2m.
Intralot was previously the tender’s sole bidder but the HRADF rejected its offer and relaunched the process, allowing OPAP to become involved.
There has been no indication as to the value of Intralot’s latest offer.
OPAP’s GTECH-powered sportsbook, launched prior to the World Cup in June, has not met expectations after sources in Greece claimed online stakes during the tournament totalled as little as 1.3m.
The operator has previously outlined plans to increase the number of sports and markets it offers for online betting as part of plans to expand on its sportsbook, the first online product the monopoly has launched to date.
Last week eGaming Review reported the European Commission had issued an ultimatum to the Greek Ministry of Finance over amendments to its online gaming law, threatening the country with infringement proceedings if it does not comply.