ATHENS, Greece - January 27, 2006 - The management of OPAP S.A. (OPAr.AT), announces that:

1. Following the announcement on 27/10/2005 to ATHEX about assigning to consultants the comprehensive study for the potential of balance sheet leveraging and capital return to the company's shareholders, within the relevant legal framework, OPAP S.A. informs investors that:
a) The relevant studies - proposals were submitted in December 2005
b) The submitted proposals indicate that capital return to shareholders may not be attainable due to legal and accounting constraints, as well as reasons relevant to protecting the company's monopoly. As such, the company's management decided that the implementation of these proposals is not currently feasible.
c) Balance sheet leveraging remains a main target for the company's management.

Regarding the above mentioned, the company's management will provide further clarifications, if requested, during the 2005 Year Results conference call.

2. The company's Board of Directors approved the proposal of the relevant Committee regarding the main principles and strategic initiatives for OPAP's undertaking the risk-management of the STIHIMA game, after the existing contract expires. In particular, OPAP S.A. will proceed in:
a) The significant cost reduction compared to the terms of the existing contract.
b) Locating all operational functions of the STIHIMA game in OPAP's premises, for the effective training of company's executives and employees that will be selected by the Company to undertake the risk management responsibilities of the STIHIMA game, among others.
c) The initial collaboration, for a certain period of time, with an experienced risk-management consultant. For this reason a working group has been appointed, in order to submit a Call of Interest for approval by the company's Board of Directors within March 2006.
d) Retaining the right to undertake fully the organization, operation and risk management of the game through a 100% owned subsidiary (especially through the legal procedure of sector spin-off, should it would be the most suitable solution).

3. Following the Court of Appeals 953/2004 Decision, the Greek Supreme Court's final decision numbered 133/2006, has rejected the application of appeal by INTRALOT against OPAP S.A. We note that INTRALOT was claiming the indemnization of euro 37.417.641,48 plus interest, annually for the period from 30/03/2001 to 28/01/2007.

4. Finally, the launch of the new game PROPO 7+14, as originally announced, is scheduled for February, 2006.