A recent article published in the “Seeking Alpha” investment publication suggests that Greek laws on gambling will change. This will provide a more enlightened approach to online gambling. This could be good news for the Greek gambling monopoly OPAP.
Even though it is detailed that OPAP has only a 50% share of the gambling market in Cyprus and Greece, it says the redesign of Greece’s gambling laws may give them access to the other half of the market. Currently it is controlled by ‘illegal’ online gambling operators from offshore locations.
Alpha’s article makes a point stating: “It is estimated that illegal, online gaming in Greece generates revenue amounts comparable to OPAP’s top line numbers. This means that currently OPAP only controls half of the market share despite having a legal monopoly, however this may soon change in OPAP’s favour.”
The author says: “The Greek government has indicated that it plans to tackle this issue and is set to allow legalised forms of online gambling within Greece so that OPAP can compete with the illegal operators. The Greek government has begun discussions regarding how to combat illegal online gaming and whether portions of online gaming should be legalised. The next step in these discussions was a resumption of legislative discussions on September 12, 2010. The Finance Ministry estimates that illegal online games revenue is about Euro 4 billion which is equal to approximately $5 billion US Dollars.”
To date no notifications have been made by the government regarding the resuming of discussions. The group earned an average of 572 million Euro over the last 5 years.
The existing exclusive gaming contract OPAP has with the Greek government includes a right of first refusal on all gambling in the nation.
The Greek government owns only 34% of OPAP and the organization puts 80% of its profits into dividends to its shareholders. The group earned an average of 572 million Euros over the last 5 years.
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