OPAP Acquires 36.75% Stake In TCB Holdings

Gaming entertainment company from Greece, OPAP S.A., has acquired a 36.75% stake in TCB Holdings through its subsidiary OPAP Investment Ltd, obtaining partial ownership of Stoiximan Group – Greek iGaming operator. The purchase is estimated at €50 million EUR, which is less than a half of the brand’s last year revenue, totalling €136 million.

Thanks to its subsidiary, the holding company is active in both Greek and Cypriot iGaming markets, which represent its two main customer bases; however, the group is also present in Romania and via another betting platform – Betano.

Strategic Exploitation of Modern…

Digital and technological capabilites is what the company’s officials are aiming to achieve, as purchasing successful gaming brands in the region will increase OPAP’s online presence at a much larger degree, said Damian Cope, managing director. Similarly, the company is planning a second deal that will be subject to numerous accompanying conditions, including regulatory approval and diligence survey. Cope commented:

“As part of our ambition to become a world-class gaming entertainment company, we know that we must offer our customers an attractive and competitive online gaming experience. The imminent launch of our new online sportsbook Pamestoixima.gr is the first step in this direction, with the intention to add further products online over the next 12 months. The new sportsbook will offer competitive odds for our customers in Greece and generate additional commission income for the agents in our retail network.”

Acqusition To Strengthen Forefront

George Daskalakis, Stoiximan CEO is certain that the recent strategic investment in one of the country’s leading online betting operators will enhance the company’s successful business model. Simultaneously, the group is entering a new stage of permanent regulation, which will ensure its leading position on the market. Daskalakis confirmed that the team will continue to work with the same drive and dedication in order to accelerate its growth worldwide.

Source:

“Announcement of Regulated Information of L. 3556/2007: OPAP makes investment in Stoiximan”, investors.opap.gr, September 24, 2018.