Athens-listed Greek gambling group OPAP has swooped to acquire a 36.75% stake in the holding company of Stoiximan Group, TCB Holdings Ltd for a consideration of €50 million.
TCB operates online gaming services under its Stoiximan brand in Greece and Cyprus, and uses its Betano brand in Romania and Germany. In 2017, Stoiximan Group had revenues of 136 million euro and EBITDA of circa €16 million
Updating the market, OPAP governance stated that its investment is aligned with one of its key strategic priorities – ‘Leveraging the latest Digital and Technology Capabilities’.
Following the conclusion of its large-scale retail technology transformation programme this summer, OPAP has been focusing on building up its own online activities and will also be launching its new online/mobile sportsbook, Pamestoixima.gr, in the next few days.
OPAP CEO Damian 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.
“The strategic investment in Stoiximan that we are announcing today directly compliments OPAP’s own online activities and also gives us an online presence at an international level. Stoiximan has proven itself to be a successful online operator and we are happy to be working with them. We, therefore, look ahead with confidence to the next stage of OPAP’s modernisation and development in the delivery of our overall 2020 Vision.”
George Daskalakis, Stoiximan CEO, stated: “OPAP’s strategic investment in Stoiximan, Greece’s largest online betting operator, is a tangible acknowledgement of the hard work of the 450 members of our team and of our company’s successful growth model. At the same time, it underscores its potential, as we are entering the stage of the permanent regulation of the online gaming market in Greece.
“This partnership strengthens Stoiximan’s leading position in Greece and additionally allows us to accelerate our growth in international markets, as well as to intensify our strategic focus on technology. Our vision is to become established as one of the top GameTech-companies in Europe while maintaining our Greek character and it is towards this direction that we will continue to work with the same passion and dedication.”
OPAP has also reached pre-agreement with TCB to make an additional investment to acquire joint control with TCB in Stoiximan Group’s Greek and Cypriot operations. This investment is subject to the satisfaction of various conditions precedent, including clearance by the competent gaming regulatory and anti-trust authorities and the performance of due diligence. Once the due diligence is concluded, the terms of the investment will be crystalized and the full details will be disclosed.
GML recently hired Petra Zackrisson as Chief Development Officer aim to utilise OPAP’s investment in order to accelerate its international growth in 2019.
GML is a markets leader in Greece and Cyprus with the Stoiximan brand (shirt sponsor of Olympiacos and PAOK) and one of the leading online operators in Romania (Liga 1 naming sponsors, aka Liga 1 Betano and Craiova shirt sponsors) with Betano. The firm also just launched in Germany where it has already become the betting partner of VfB Stuttgart.