OPAP secures exclusive gaming concession in Cyprus

The Greek gambling operator has won a 15-year concession to offer gambling.

Cyprus.- The Greek gambling operator OPAP has been awarded a new gambling licence in the Republic of Cyprus. Effective immediately, the agreement gives OPAP Cyprus exclusivity over designated games of chance for 15 years.

The cost of the licence from the National Betting Authority (NBA) of Cyprus will be paid in 15 annual instalments on January 31 each year based on performance. OPAP has already paid the first instalment of €4.2m. It will also pay tax at a rate of 22.5 per cent on gross gaming revenue and must pay 5 per cent of GGR in the form of sponsorship for sporting, social and charitable activities.

OPAP has had a presence in Cyprus since 1969 and already has around 200 retail outlets on the island. Products include Joker, Lotto, Proto, Kino, Super 3, Extra 5, Propo and Propogoal. It also works with the Cyprus Sports Organisation and the Cyprus Olympic Committee.

Minister of finance Makis Keraynos said the new agreement would secure “significant” budget revenue and that the decision to go with an exclusive concession would help protect players from gambling harm.

OPAP executive chairman and OPAP Cyprus president Kamil Ziegler said: “We are particularly happy to have signed the new 15-year concession with the Republic of Cyprus. As a group, we have been active in Cyprus for 55 years. We have been providing popular games and engaging experiences to our customers, supporting common goals and implementing social initiatives with significant impact. Our commitment is that we will continue on the same path.”

OPAP reported strong results for the first quarter of 2024. GGR reached €549.7m, representing a 4.2 per cent year-on-year increase compared to Q1 2023 (€527.4m). The standout contributor was the online casino segment, which saw revenue rise by 29.1 per cent to €70.9m. Lottery continues to be OPAP’s biggest segment. In Q1 2024, lottery revenue amounted to €196m, surpassing Q1 2023 by 3.9 per cent. This positive trend was fueled by a revamp of the Lotto & Tzoker games late last year. The newly launched Eurojackpot game also made a promising start.