Greece-based OPAP has announced that is signed a preliminary agreement to purchase more than a third of Betano-owned Stoiximan Group for $50 million as part of their plans to expand further into the European market.
OPAP has brought a 36.75% stake in Stoiximan, which is currently active in Greece and Cyprus under the Stoiximan brand. They also operate within Germany and Romania under the Betano Brand, which is part of TCB Holdings.
The betting and lottery operator, which signed the deal under its OPAP Investment subsidiary, has also created a new pre-agreement with TCB to make more investments in the future, and to acquire joint control with TCB in their Greek and Cypriot online operations.
Both deals are currently still subject to regulatory clearance, while the latter will also need to receive clearance from anti-trust authorities. If the new partnerships are to go through, the current Stoiximan management team would likely stay in their current positions, and will operate independently from OPAP’s online business.
OPAP has also stated that they intend to commit more time and investment to strengthening their online activities within the market, and recently launched their Pamestoximia.ge site, a new online, mobile sportsbook. This comes at a time where the operator posted positive financial results for the first half of this year, with their gross gaming revenue up by 7% as compared to last year, as well as an increase in net profit of 32.9%.
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