Opap Wins 20 Year Greek Horse Race Betting Licence (update)
By Casinomeister, Last updated Sep 26, 2014
Bests Intralot with an offer of Euro 40.5 million for the exclusive licence
The Hellenic Republic Asset Development Fund (HRADF) has named OPAP the successful bidder for the sole Greek horse race betting licence.
The HRADF scrapped the previous tender last month due to insufficient interest (see previous InfoPowa reports), relaunching it earlier this month.
OPAP, part owned by Czech-led investment vehicle Emma Delta, successfully tendered for the 20-year licence that will allow it to exclusively take wagers on horse races by submitting a winning bid of Euro 40.5 million.
According to Greek news source eKathimerini, OPAP offered between three and seven times higher than rival bidder Intralot.
Hereon HRADF will submit a draft contract to the State Audit Council for approval followed by submission to Parliament for ratification.
Horse race betting is currently run by a group called ODIE, which made a net loss of Euro 23.4 million in 2012.
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