Just as Greece is peddling much of its share to potential investors in the national gambling agency OPAP to try to raise critical revenues, the European Union’s highest court said the operation is an unlawful monopoly. The case was brought by would-be competitors, Stanleybet International, William Hill, and Sportingbet.
EU law prohibits national rules that grant exclusive rights to a single entity without serving the public interest in reducing the number of betting opportunities, the EU Court of Justice in Luxembourg. OPAP shares fell 9.6 percent in Athens after the ruling, cutting further into government hopes the agency could bring in big money as part of privatization plans.
The EU’s top court has examined a series of cases brought by betting companies including Bwin.Party Digital Entertainment Plc (BPTY), Ladbrokes Plc (LAD) and Betfair Ltd. over whether state monopolies may block them from operating freely across the 27- nation bloc. Online companies have also called on the EU to take action against what they say are unjustified national restrictions on cross-border Internet gambling.
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