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Next OPAP: Stoiximan and the new concession agreement in Cyprus HOME • INSIDER • BUSINESSES • OPAP: Stoiximan and the new concession agreement in Cyprus
Negotiations for the new concession agreement in Cyprus between OPAP Cyprus LTD and the Coordinating Committee are at a mature stage. Also the & nbsp; further strengthening of its presence on the internet is high on the agenda of the goals set by OPAP as it seeks to secure its leading position in the domestic online gambling market, while making its action in the internet landscape the second strong pillar of his business.
In this regard, we remind you that the listed company about two years ago proceeded to acquire 51% of the Stoiximan group through its subsidiary, OPAP Investment Ltd. It should be noted that under this agreement, the payment of the price was based on the achievement of specific EBITDA by Stoiximan LTD for the financial years 2020 and 2021 while an additional payment will be made next June.
The contribution of Stoiximan and the priorities at the commercial level
The internet activities of the group, in addition, acted as a shield in the special conditions created by the coronavirus pandemic during the years 2020-2021 while the effect of the lockdown to its financial results was limited by the significant strengthening of the online and the increased contribution of Stoiximan.
Among the main levers for the development of its online presence is the enrichment of the exclusive lottery offer with many OPAP games, while improving the competitiveness in the offer of sports betting, the strengthening of the recognizability of its internet activities and the more effective customer management. >
In general, the most important commercial priorities that the group has set for the current year are, among others, the utilization of & nbsp; of & nbsp; new & nbsp; gaming environment & nbsp; of & nbsp; Casino and OPAP Live Casino studio, offering new Games & nbsp; Casino & nbsp; combining & nbsp; traditional content with an innovative gaming experience and “beginner” focus, the launch & nbsp; application & nbsp; of & nbsp; new & nbsp; platform & nbsp; sports & nbsp; betting to provide & nbsp; better and faster live betting at the beginning of 2023 and the strengthening of its position as the best hub for the supply of virtual games (virtual games) in the market, targeting a young audience through greater variety and uninterrupted action around the clock, the beginning & nbsp; a program with a special focus on VIP customers and the development of an online entertainment destination for lotteries that focuses on casual and social gamers with the new exclusive mobile application.
Greek Lotteries is awaiting the court decision
Due to the adverse effects of the measures taken by the Greek government to reduce the coronavirus & nbsp; In the activities of Hellenic Lotteries, the company has formally challenged its obligation to pay the amount of 50 million euros, as the minimum annual amount provided by the Concession Agreement for the financial years 2020 and 2021. More specifically, Hellenic Lotteries proposes the minimum annual amount for 2020 to the Hellenic Republic amounts to 12.279 million euros, an amount that represents 30% of the annual GGR and & nbsp; has & nbsp; has already been paid by remittance to the Greek state while a corresponding official dispute has been made for & nbsp; fiscal year 2021.
The company has therefore filed an application for arbitration & nbsp; against & nbsp; of the Hellenic Republic and the HRDH with the main claim to be recognized that the minimum annual fee for the period 2020 and 2021, which lasted & nbsp; the & nbsp; restrictions as well as to recognize & nbsp; the & nbsp; extension & nbsp; of & nbsp; validity period & nbsp; of the Concession Agreement & nbsp; or return & nbsp; part of the prepaid financial & nbsp; 190 million (both will be fully quantified at a later stage, but will not be less than 17.6 months/28.4 million respectively). The issue is pending & nbsp; before & nbsp; responsible & nbsp; court, which has exclusive jurisdiction & nbsp; to & nbsp; final and binding on the parties.
Negotiations on a new concession agreement in Cyprus are at a mature stage
In terms of activities OPAP in Cyprus is in a mature stage of negotiations for the draft Concession Agreement between OPAP Cyprus LTD and the Coordinating Committee, which began in mid-September. Once the negotiations between the two sides are completed, the Concession Agreement will be submitted to the Council of Ministers for approval and then will have to be signed by both parties.
We remind you that today OPAP Cyprus is active in the mainland with under the Agreement of & nbsp; 2003 between the Hellenic Republic and the Republic of Cyprus. However, with a new law of 2018, the transnational agreement of 2003 will be terminated with & nbsp; entry into force of the new Concession Agreement, which is expected to be signed with OPAP Cyprus.