An OPAP-controlled consortium of major suppliers has been awarded an exclusive license to operate Greece’s national lotteries, although one of its members has dropped out, citing the costs involved.
Hellenic Lotteries, sold as part of an international bailout that is contingent on the government divesting itself of certain assets, was granted to Intralot, Scientific Games and Lottomatica as the only bidders for the 12-year license.
The government also is selling off its majority stake in OPAP, formerly the country’s monopoly betting and lottery operator.
In 2011, OPAP generated €4.4 billion lottery retail sales, making it the third-largest lottery in the world in terms of per-capita sales, according to data provided by La Fleur’s.
However, the price of the concession, consisting of an up-front payment of €190 million and a monthly fee equal to a percentage of gross revenues, was too high for Lottomatica, which announced it would turn over its 33 percent stake in the
venture to OPAP. It is believed the Italian lottery giant was not prepared to support an offer in excess of €150 million.
The award is pending Greek parliamentary approval.