OPAP Group has been given the green-light to increase its stake in Stoiximan Group’s Greek & Cypriot business (SMGC) following approval by the Commission for the Protection of Competition of the Republic of Cyprus.

The €94.86m agreement, previously rubber stamped by the Hellenic Competition Commission, sees the group proceed with its 51 per cent acquisition of SMGC, currently operated by GML Interactive.

OPAP will retain its existing 36.75 per cent shareholding in TCB Holdings, which shall continue to provide online betting and other online gaming services outside of Greece and Cyprus, currently in Portugal, Romania and Germany, under the Betano brand.

George Daskalakis, Stoiximan CEO, explained: “Since OPAP’s initial investment 14 months ago, both Stoiximan and Betano have achieved impressive growth. This is the result of a strategic plan executed with consistency and professionalism by a team of more than 700 highly dedicated colleagues, whom I am honored to lead. 

“Today, OPAP’s decision to increase its investment in Stoiximan, essentially fuels the prospects of our company in the future, but mainly constitutes a strong vote of confidence in our way of doing business. 

“We embark upon this next day of creativity with the same commitment and the same determination, to work hard in order to further consolidate Stoiximan’s position as the leading operator in the Greek online gaming market, while at the same time strengthen the growth of Betano in all target international markets. ”

Furthermore, OPAP has also agreed to acquire an additional 15.48 per cent indirect stake in SMGC which will result in an increase of the total combined shareholding to 84.49 per cent subject to the regulatory and competition approvals.

The aggregate net consideration planned to be paid in the course of 2020 for all the aforementioned transactions is €163.4m.

“The Greek online market is evolving and is gradually entering a new era, which provides for its fully regulated and supervised operation, following the adoption of relevant legislation a few months ago,” stated Kamil Ziegler, OPAP chairman.

“In this framework, our strategic investment in Stoiximan Group – along with the development of our own online activities – is a significant move for OPAP, as it secures that we are properly positioned to leverage the opportunities offered by the growing online market. 

“On my part, I would like to affirm that OPAP remains fully committed to implementing a comprehensive business strategy, which aims at generating sustainable growth and long-term value for our shareholders, the company itself, our agents and business partners and our people.”