OPAP is Europe’s largest betting company

23 December 2010 – By Linda Jefferson

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OPAP is a public company based in Greece that operates and manages numerical lottery and sports betting games in this country. According to the reports, OPAP is the largest betting company in Europe. The Greek government has recently announced that they are prepared to sell their 34 percent stake in the company, as part of its continuous fight against the country’s ongoing economic crisis.

Playtech founder, who holds 40.4 percent of the software development company, has set his sights on acquiring control of the Greek company together with at least one other investor. The government’s 34 percent is estimated to be worth around 1.5 billion Euros and the Greek government is desperate for instant funds. Thereby they are expected to sell their entire stake in OPAP or at least a big portion of it.

The state-owned company was founded in 1958 and has been one of the most profitable companies in Greece. OPAP recorded 5.4 billion Euros in revenue and an overall profit of 594 million Euros in 2009. Also OPAP is the major sponsor of the national Hellenic Football Federation for 2010 up to 2012.

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