Greece’s betting company is offering a voluntary redundancy program to its 900 employees. Last year a majority stake in OPAP was sold to Czech-Greek fund Emma Delta, marking the country’s first major privatization, as indicated by the Troika of its international lenders (The EC, the IMF and the ECB).
The voluntary redundancy program will run from June 30 to July 15 for about 656 people, union leader Christos Kakouratos told Reuters. OPAP’s staff totals about 900 people, who declined to comment how this program will affect its retail network supporting services. The payroll cost of the company is about 1.5% of its total revenues. Last year its revenues were about 3.7 billion euros.
OPAP offers sports betting and lotteries in both Greece and Cyprus through a network of about 5,000 agents. Since taking over in October, the new management has said it will go ahead with plans to launch a video lotto business in the country as well as to cut distribution and staff costs.