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GreekReporter.comBusinessOPAP Plans to Extend Betting Licence to Offset Video Lottery Machine Cuts

OPAP Plans to Extend Betting Licence to Offset Video Lottery Machine Cuts

Greek betting agency OPAP, said the adverse impact from a draft government bill limiting the number of video lottery machines allowed to operate in the country, will be offset by a plan to extend its betting licence.
“The revised terms will have a neutral effect for OPAP,” said Chief Executive Officer Damian Cope, in a conference call with analysts on Wednesday.
Under its current contract with the government, Europe’s fifth largest betting firm would operate 16,000 machines and subcontract another 18,000, expanding into a new business; which is seen as a key growth driver for the firm.
The Greek government tabled a draft bill in August, reducing the number of machines to be deployed to 25,000 from 35,000 by the end of 2019, aiming for a smaller exposure to gambling, and a more effective supervision by authorities.
The bill also extends OPAP‘s licence by eight years, and says the firm will not have to subcontract any of the machines.

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