"Violates shareholders' and agents' rights."
The Greek Government's introduction of new lottery regulations, which effectively halt the further rollout of video lottery terminal's (VLT), was met with an aggressive response from domestic gaming monopoly OPAP who filed a Euro 1 Billion damages claim against the Government this week.
The new lottery industry regulations from the Hellenic Gaming Commission go against a contract for the concession of the operating license of 35000 VLTs, OPAP said, and violates shareholders' and agents' rights regarding internet betting and the imposition of a Euro 0.05 per bet tax.
Referring to the concession contract written in 2000, OPAP stresses "it maintains the monopoly in the market" highlighting a clause that also says: "it [OPAP} maintains the exclusive right to implement the game in any appropriate fashion."
Following a written warning to the Finance Ministry of Athens, the complaint was reportedly lodged with the London Court of International Arbitration, this week.
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