OPAP Acquires 51% Stake In Stoiximan Group

in Finance

Athens-based company that provides football prognostics and various games of chance, OPAP Group, has formally acquired 51% stake in Stoiximan, online gaming operator.

The investment of €94.86 million covers both Greek and Cypriot operations, since the company also obtains stakes from GML Interactive, a subsidiary of TCB Holdings.

After the announcement in September 2018, OPAP successfully purchased a 36.75% in Stoximan for a total amount of €50 million.

The deal was finalized in December, revealing a pre-agreement that triggered full control of Greek and Cypriot businesses.

The proceeds from Stoiximan’s revenues include not only these two markets, as it is active in Germany and Romania as well, mostly thanks to its Betano branch.

Gaming Regulatory Gives Green Light

After a slight delay, the acquisition has been completed with the approval from both Greek and Cypriot gaming regulatory agencies, as well as anti-trust authorities.

The owner has generated income and earnings of €136 million before interest, tax, depreciation and amortization (EBITDA) of approximately €16 million in 2017 alone, forecasting a surge in the first 11 months of 2018.

Thanks to the country’s substantial market growth, the operator projects further strengthening in the industry through investments in technology and other expansion opportunities, such as content agreements with aggregators in other territories.

Greentube Added To The Catalog

Among the latest portfolio expansions in the previous year, Stoiximan signed an arrangement with Greentube, a Novomatic Interactive division.

“The investment of €94.86 million covers both Greek and Cypriot operations”

Popular titles such as Apollo God of the Sun and Book of Ra Magic are available on operator’s online platforms, offering classic experience found at well-established sites Twin, LeoVegas, and Mr Green.

Head of casino at Stoiximan, Ioannis Kalamvokis commented on that occasion:

“Building a stronger casino product is an instrumental part of our international expansion strategy as well as maintaining our top position in Greece.

Our recent launch of Greentube [content] is a confirmation of our commitment to provide our customers with a great game portfolio and we look forward to see many more exciting game releases moving forward.”

Greentube chief financial officer, Michael Bauer, also expressed his delight by stating:

“We are delighted that our games are now live on Stoiximan in Greece as we know players really love our titles in the market.

We are convinced that this cooperation will be a very strong partnership and deliver great results to Stoiximan.”

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“OPAP seals €95m deal to increase Stoiximan stake”, igamingbusiness.com, January 8, 2019.