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OPAP LICENSING DEAL WITH GREEK GOVERNMENT IMMINENT?

Thursday September 15,2011 :  Greek financial crisis adds momentum
 
The Reuters news agency reported Saturday that Greek gambling company OPAP expects to sign a preliminary agreement before end September on a licensing deal with the Greek government, key for Greece to meeting a state revenue deadline set by international lenders.
 
Greece must raise Euros 1.7 billion in privatisation receipts by the end of this month to comply with the terms of its EU/IMF bailout. The bulk of this would come from awarding new gaming licenses to OPAP and by extending its sports betting monopoly beyond 2020.
 
OPAP expects to sign a memorandum of understanding by the end of this month, with the final details being settled in a full contract later, and it was not clear when money would exchange hands, its CEO Yannis Spanoudakis told Reuters.
 
"It will be a document that guarantees the outcome of the negotiations," Spanoudakis said.
 
Greece, which owns 34 percent of OPAP, may get between Euros 750 and Euros 925 million from the deal, according to analysts' estimates. OPAP, Europe's biggest gambling firm, would have to borrow some of that amount from banks or from financial markets.
 
But Greece may not actually receive the money by Sept. 30, Spanoudakis said, because the company will have to get approval for the deal from its other shareholders in a general meeting.
 
"That's the main delay for us, everything else is just a question of bureaucracy," Spanoudakis said.
 
The government intends to sell its remaining stake in the company by the end of 2011.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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