OPAP S.A. announces the following:

A) Upon the completion of all necessary studies (which have already commenced) by the end of 2005, OPAP SA, in its capacity as sole manager of Pame Stihima, will, upon the expiration of its agreement with the consortium to which the operation of certain parts of Pame Stihima have been assigned (the "Consortium"), fully undertake the organization, operation and management of the game. To that end, OPAP?s management considers that the most appropriate way to do so would be the establishment of a subsidiary, the sole activity of which will be the organization, management and operation of fixed and variable odds betting.

Β) OPAP S.A. and the Consortium in the context of their existing agreement for the game Pame Stihima, have executed a new agreement (the "Agreement") aimed at strengthening the competitiveness of Pame Stihima and combating illegal betting. The main provisions of the Agreement are as follows:

1 an increase in the target payout to players from 60.0% to 66.0%, in aggregate, for the period from January 30, 2005 to January 29, 2007. The participation of OPAP S.A. and the Consortium in the additional portion of the payout between 60% and 66% will be 90% for OPAP S.A. and 10% for the Consortium, respectively, and in the event that Greek championship matches or events are included as additional betting events, from the commencement of the championship season 2005/06, this participation will be 82% fo r OPAP S.A. and 18% for the Consortium, respectively. In the event that the final payout to players at the end of the two-year period ending on January 29, 2007 exceeds 66%, the Consortium will be required to pay the difference to OPAP S.A.;

2 the gradual introduction of Greek championship matches as betting events for Pame Stihima, commencing with the 2005/06 Greek championship seasons and will be offered in combination with foreign championships football matches;

3 the provision by the Consortium, at no cost to OPAP S.A., of 2,000 new terminals to OPAP S.A.'s agency outlets to primarily support the operation of Pame Stihima. Installation of the new terminals will take place gradually and will be completed within eight months from the date that all necessary consents and approvals for the agreed modifications for the game are obtained;

4 the introduction of an additional type of betting, 'in play betting', which involves players betting on games while they are being broadcast live on television;

5 the introduction 'over/under betting' in which players bet on whether or not certain numerical predictions relating to an athletic event will be exceeded. For example:

(a) the total number of goals scored, cards issued and penalties during football games;

(b) the total number of points scored or the difference in the points scored in basketball games;

(c) the number of qualifying participants, the performance of drivers or the differences between drivers in motor sport events; and

(d) the performance and number of participants whose performance meets certain specified criteria of athletes in track and field events;

6 the introduction of other sporting events, including: tennis, volleyball, water-polo and hand-ball, in which players predict the winners of the competition, the winner of a group or the participants in the final event;

7 the introduction of motor sport events (cars, motorbikes, etc.) available to bet in addition to the currently offered Formula One events; and

8 the introduction of non-athletic events from the current political, financial and cultural affairs; the selection of these events will have to be approved by OPAP S.A.

The implementation of the above additional betting types within Pame Stihima will require the issuance of new, and the modification of existing, game regulations and their approval by joint ministerial decisions pursuant to Law 2843/2000. In light of the introduction of Greek championship games as betting events, the agreement contemplates that potential conflicts or obstacles will be addressed through further amendments to the regulations of Pame Stihima.

C. The above measures seek to strengthen the competitiveness of the game, combat illegal betting and address the recent declining trend of Pame Stihima, which has continued in the current quarter. OPAP S.A.?s management expects that Pame Stihima revenues in the second quarter of this year will be down between 35% and 40% compared with the same period last year. This decline is partly due to the fact that the month of June last year was very strong due to the European football championship, which was won by the Greek national team. OPAP S.A.?s management expects the negative performance of Pame Stihima in the quarter will be completely offset by the improved performance of Kino, which it expects will show revenue growth of between 95% and 100% in the quarter compared to the second quarter last year and result in total revenues for OPAP S.A. in the quarter to be approximately flat compared to the second quarter of last year.