OPAP online sportsbook "below expectations"
Sources in Greece claim new sports betting site attracted as little as 1.3m in turnover during this summer's FIFA World Cup
Greek monopoly OPAP has admitted that the performance of its online sportsbook has been “below expectations” since its launch in June.
Having contracted software supplier GTECH to provide its a sportsbook platform in March, OPAP released the product just three months later on 2 June as it looked to capitalise on the potential of the World Cup.
However, sources in Greece have suggested the online product has yet to gain any real momentum and that it’s online stakes over the course of the tournament totalled as little as 1.3m.
Although an OPAP spokesperson declined to comment on that figure, the company did confirm to eGaming Review that the product’s performance had been “below expectations” to date due to an “uneven operating environment” in the country.
While OPAP technically maintains an online monopoly in Greece, operators issued with temporary licences by the Hellenic Gambling Commission are allowed to accept bets, while changes made to Greece’s gambling law earlier this year lifted the country’s ban on payment processing firms working with gambling operators in the country.
During last week’s H1 results disclosure OPAP suggested there would be additions made to the online sportsbook in the coming months with new betting markets having previously been highlighted as a possible option to expand the product.
On Friday it was confirmed that OPAP had partnered with London-based fund management company Global Family Partners to bid 40m for Greece’s horse race betting licence days after the country’s privatisation agency HRADF had scrapped a previous tender.
Intralot had been the sole bidder during the earlier process, however the 5.2m offered by the gambling supply firm was considered unsatisfactory by HRADF and the tender was relaunched.
Intralot submitted a further bid which has not been disclosed by HRADF, but has been confirmed to be less than the sum offered by OPAP.
The tender is expected to conclude by the end of September and will see the winner receive the exclusive right to operate horse race betting in the country from the incumbent operator ODIE, which recorded a net loss of 23.4m in FY2012.