2 May 2013

Stake sold in Greek gambling monopoly

6:06 am on 2 May 2013

Investment fund Emma Delta has bought 33% of Opap, the gambling monopoly in Greece.

The Greek-Czech fund was sole bidder. Its initial bid of 622 million euros ($US812 million) was rejected by the government for being too low.

Finance Minister Yannis Stournaras did not disclose the final sum paid.

The BBC reports Greece is obliged to raise 9.5 billion euros from asset sales by 2016 under an international bailout plan and this was the first privatisation sale.

In return, the European Union and the International Monetary Fund have committed to 240 billion euros since 2010 in rescue loans.

Opap has a 10-year licence to operate 35,000 video lottery terminals, as well as exclusive rights to operate 13 games of chance until 2030.

Last year, Opap made net profits of 505 million euros, down 6% on 2011.