Opap has agreed to pay the Greek government over €900m to extend its betting licence and operate 35,000 video lottery terminals.
The 10-year extension to its betting monopoly will cost the firm €375m and will see it contribute five per cent of its profits to the government. The licence to operate 35,000 VLTs, meanwhile, will cost €560m.
The reopening of the Greek street market through the introduction of VLTs is seen by many as a way of generating new income.
Due to the country’s deepening economic problems, the Greek government, which owns a stake in Opap, is committed to selling off many of its assets in order to raise much-needed revenue, including its casinos.
It may, however, not be enough to stave off defaulting on its debts following news this week that it is unlikely to meet the targets on reducing its deficit set out by the EU and International Monetary Fund.
