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OPAP: €40 Million Offer for Horse Race Betting License

horse race bettingThe Greek Organization of Football Prognostics (OPAP) will bid for the country’s horse race betting license, after teaming up with a British fund manager, just days after the Hellenic Republic Asset Development Fund (HRADF) rejected the sole offer in the previous tender.
Greece is selling a 20-year license for horse race betting, as part of the privatization plan that has been set by the European Union and the International Monetary Fund (IMF) under the country’s bailout program.
HRADF rejected Intralot’s bid on the 20-year license because it did not meet the agency’s expectations. According to OPAP representatives, the organization will team up with Global Family Partners from Britain and make a 40 million euro offer. This amount greatly surpasses Intralot’s bid which was 5.3 million euros.
On Friday, August 29, HRADF launched the tender anew and requested that any investors who are interested should submit their offers by September 19. The tender will be concluded by the end of September and the estimated value of the license is 15 million euros.
OPAP has more than 5,000 outlets across Greece and is currently one of the largest betting firms in Europe. The organization was privatized last year and, at the moment, holds a monopoly in lottery and sports betting in Greece.
Horse race betting is run by the Horseracing Organization of Greece (ODIE), which showed a net loss of 23.4 million euros in 2012.

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