The Czech Republic’s Synot Group is to supply 2,000 video lottery terminals to the Greek lottery.

VLT Greece VLT Greece

An agreement for the supply of VLTs to OPAP, the company that has a monopoly in Greece, was signed in May.

“We consider this as an important step forward. I firmly believe that we succeeded because of our 20 years' experience in the lottery industry all around the world,” stated Ivo Valenta, chairman of the board of directors at WCV World Capital Ventures of Cyprus. “I do believe that today we have opened the door to the second round of the tender as OPAP is about to start another tender on 18,500 VLTs.”

This type of gaming machine (VLT) has a number of advantages for both the operator and the state. The system prevents  under-age players from gambling and all the gaming data is stored in the central control unit so that it is protected against loss or misuse. Access to the data is subject to the security regime and is backed up for several years.

The system also provides transparent control of bets, wins and revenues from the regulatory side through passive access to the operator’s server. According to the company, VLTs effectively prevent the expansion of illegal gaming and money laundering, as well as the tax evasion.

The Greek authorities prohibited gaming nine years ago. Since then there have been approximately 150,000 illegal gaming devices operated in hundreds of illegal venues across the country. It was therefore decided to introduce clear, strict rules for the new gaming market. VLTs allow for the full control of the financial flow, while player registration systems are designed to prevent at-risk groups from playing.

Synot has already expanded into 13 countries and further expansion to other territories is planned for the future. The company operates mainly in Europe, where it is about to enter the online market, but also north Africa and Asia.

In Greece, the Synot Group plans to investment in other areas, such as IT technologies, telecommunication services, sports and tourism.