OPAP video lottery delay could cost Greece €300m

Greek government is set to miss out on up to €300m in tax income next year as a result of OPAP not being able to launch its video lottery business, according to the founder of its majority shareholder.

Jiri Smejc, whose investment group Emma Delta Hellenic Holdings purchased a 33% stake in the Greek operator for €652m from the government in 2013, has also said OPAP could take legal action against the government, after rule changes forced it to delay the launch of its video lottery business.

OPAP holds the exclusive rights to operate certain lottery games and sports and other betting games in Greece until 2030 and was granted an exclusive licence to operate 35,000 VLTs for a period of 10 years in 2011.

Plans for OPAP to roll out VLTs were stopped in June due to the introduction of new rules from the state, which include a limit on the amount of playing time allowed, daily loss limits and lower jackpot levels.

Smejc told Reuters: “We believe it is just a matter of time. They badly need the revenue.

"We have discussed with the government that in these upcoming weeks, if it will not be solved, we will need to file some lawsuit.

"We have clear promises they will change [the regulation] but still nothing has happened. That is why we froze the project, because for us it does not make sense economically now to do it."

Smejc claims that OPAP spent €560m to operate the terminals and has constructed 50 gaming halls, saying that it would claim that money back as well as compensation for lost revenue if it was to take legal action.