OPAP’s BoD approves HR proposals for a concession extension and a 35,000 VLTs license - both subject to EGM approval

The Board of Directors (BoDs) of OPAP, decided in its September 29th session, to approve the Hellenic Republic’s proposals in relation to the extension of the company’s current 11 games concession and the acquisition of a license for the operation of 35,000 VLTs. The exact terms and conditions will be determined upon the final contractual documents.

The BoD’s decision is subject to approval by OPAP’s Extraordinary General Meeting (EGM), to be called in the following days.

Accordingly, following a negotiation process between all three parties, the Ministry of Finance, the Hellenic Republic’s (HR) Asset Development Fund and OPAP, the financial agreements reached are as follows:

Extension of the current concession:

The agreement allows for a ten year license extension i.e. 12.10.2020 up to 12.10.2030, under which OPAP will exclusively operate 11 games (Joker, Lotto, Proto, Propogoal, Lottery 5 of 35, Kino, Super 3, Super 4, Bingo Lotto and Stihima/both fixed odds & mutual).

The fee was agreed at €375m. A 5% royalty on the gross win of the aforementioned games will be additionally applied as of 12.10.2020.

License for 35,000 VLTs:

The total fee for the 35,000 VLTs license acquisition was agreed at €560m, out of which €473.975m will be paid right after the contract signing while the remaining €86.025m, 24 months following the license issue.