OPAP wins Greek horse race betting tender
Privatisation agency HRADF confirms OPAP bid, valued at 40.5m, to have trumped Intralot offer
Greek monopoly OPAP has won the exclusive right to operate horse race betting in the country following a competitive tender process managed by the country’s privatisation agency.
The Hellenic Republic Asset Development Fund (HRADF) confirmed yesterday that OPAP had won the tender by submitting the highest offer at just over 40.5m, more than the undisclosed sum rival bidder Intralot submitted.
Intralot had been the only interested party in a previous tender, however its bid of 5.2m and a percentage of future profits was dismissed by the HRADF as being unsatisfactory and the tender relaunched, which enabled OPAP to enter the race.
The HRADF confirmed earlier this week that it had received just two bids for the licence, which has been auctioned off as part of the country’s privatisation plan agreed with the European Union and the International Monetary Fund.
OPAP will now assume the 20-year licence to accept wagers on horse races from the previous incumbent ODIE, which posted a net loss of 23.4m in its last full-year financial results in 2012.