OPAP sets its eye on international growth

The company is set to expand its reach through the acquisition of a Greek iGaming operator.

Greece.- OPAP, the gambling monopoly from Greece, has announced that its subsidiary OPAP Investment has signed a preliminary agreement for the acquisition of shares in Stoiximan Group, a company that offers iGaming services in the country, as well as Cyprus, Romania and Germany.

OPAP Investment has pre-agrees to acquire a 36.7% stake in the mother company of Stoiximan Group, TCB Holdings Ltd, for a consideration of €50 million subject to regulatory clearance. TCB Holdings offers – through its 100% owned subsidiaries – online gaming services in Greece, Cyprus, Romania and Germany, the last two under the Betano brand. 

OPAP has also reached pre-agreement with TCB to make an additional investment to acquire joint control with TCB in Stoiximan Group’s Greek and Cypriot operations. The company said that Stoiximan Group, with the existing Stoiximan management team, will continue to operate independently from OPAP’s own online business.

Damian Cope, OPAP CEO, commented: “As part of our ambition to become a world-class gaming entertainment company, we know that we must offer our customers an attractive and competitive online gaming experience. The imminent launch of our new online sportsbook Pamestoixima.gr is the first step in this direction, with the intention to add further products online over the next 12 months. The new sportsbook will offer competitive odds for our customers in Greece and generate additional commission income for the agents in our retail network.

“The strategic investment in Stoiximan that we are announcing today directly compliments OPAP’s own online activities and also gives us online presence at an international level. Stoiximan has proven itself to be a successful online operator and we are happy to be working with them. We therefore look ahead with confidence to the next stage of OPAP’s modernisation and development in the delivery of our overall 2020 Vision.”

George Daskalakis, Stoiximan CEO, added: “This partnership strengthens Stoiximan’s leading position in Greece and additionally allows us to accelerate our growth in international markets, as well as to intensify our strategic focus on technology.”