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OPAP to acquire Stoiximan Group stake...

OPAP to acquire Stoiximan Group stake

Published on September 25, 2018

On Monday 24th of September, Greece’s OPAP has signed a preliminary agreement to get in excess of 33% of Betano proprietor Stoiximan Group (£44.8m/$58.8m) for $50m as a feature of a more extensive arrangement to reinforce its online offering.

OPAP has purchased a 36.75% stake in Stoiximan, which is dynamic in Greece and Cyprus under the Stoiximan mark, and also in both Germany and Romania through its Betano image, from TCB Holdings.

The lottery and wagering giant, which agreed the deal through its OPAP Investment auxiliary, has likewise reached a pre-accord with TCB to make extra venture to get joint control with TCB in Stoiximan’s Greek and Cypriot activities.

Both agreements remain subject to regulatory clearance, while the latter will also require clearance from anti-trust authorities and the performance of due diligence.

Should the arrangements experience, the current Stoiximan administration group would stay set up and keep on working freely from OPAP’s online business.

OPAP has submitted huge time and speculation to working up its online exercises as of late and is this week because of dispatch, its new on the web and versatile sportsbook.

The organization this month likewise posted positive outcomes for the primary portion of 2018, with net gaming income up multi year-on-year to €737.5m and net benefit 32.9% to €66.1m.

Damian Cope, CEO of OPAP, stated: “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.”

George Daskalakis, CEO of Stoiximan, additionally talked decidedly about the new relationship, saying that the help of OPAP would empower his organization to seek after its own development objectives.

Daskalakis included: “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.

“Our vision is to become established as one of the top gametech companies in Europe while maintaining our Greek character and it is towards this direction that we will continue to work with the same passion and dedication.”