OPAP divests its stake in Betano

The Greek gambling group has sold its 36.75 per cent stake in Betano to Allwyn’s Rubidium Holding.

Greece.- The Greek gambling group OPAP SA has informed investors that it has divested its 36.75 per cent stake in Betano, Kaizen Gaming’s sportsbook subsidiary. It has sold the stake to Rubidium Holding, an indirect investment vehicle fully owned by Allwyn Entertainment.

OPAP will receive €50m in cash on a debt-free basis upfront and incentives on Betano’s performance for the next three financial years. The divestment depends on OPAP receiving regulatory approval from the Greek regulator, the Hellenic Markets Authority.

The company said the divestment was of strategic importance as it works on prioritising its Greek and Cypriot igaming presence with its Stoiximan brand. OPAP has a majority stake of 84.5 per cent of Stoiximan after a series of acquisitions from Kaizen Gaming.

Betano, which has a presence in Germany, Romania, Portugal and Bulgaria, and expects to launch in Brazil and Chile, is reported to have incurred EBITDA losses of €400,000 for OPAP in 2021 trading. The business was founded in 2017.

Rubidium Holding will control its minority stake in Betano for Allwyn, which itself is the 48.1 per cent majority shareholder in OPAP. It increased its stake in OPAP through an agreement with Yeonama Holdings Co in February.

Allwyn, formerly known as SAZKA, is planning to list on the Nasdaq Exchange through a $9bn merger with the SPAC Cohn Robbins Holdings.

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