OPAP S.A. (OPAr.AT), the leading gaming company in Greece, today announces its revenues for the three-month period ended June 30, 2003, prepared in accordance with International Financial Reporting Standards:

The following table sets forth our revenues for the periods indicated.

Our revenues increased by 15.2% from euro 468.9m in the second quarter of 2002 to euro 540.0m in the second quarter of 2003. This increase primarily reflected (i) increased revenues from Stihima; (ii) revenues from our two new games, Super 3 and Extra 5 (which were introduced on November 25, 2002); and (iii) to a lesser extent, increased revenues from Propo. Revenues from Joker, Lotto and Proto decreased in the second quarter of 2003 compared to the same period last year.

The overall solid performance of our games in the second quarter resulted in revenues of euro 1,176.3m for the first half of 2003 compared to euro 936.6m in the same period last year, an increase of 25.6%.