Olympic Entertainment Group
Olympic Entertainment Group was an Estonian gambling and entertainment company operating casinos and betting services across the Baltic states and parts of Central and Southern Europe.
Last updated August 26, 2026
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Overview
Olympic Entertainment Group (OEG) was an Estonian entertainment and gambling group whose principal activities were casino operation and sports-betting services. Its business developed around a multi-country network serving customers in the Baltic states and selected European markets, including Slovakia, Italy and Malta. The group operated under a portfolio approach, combining physical casinos with betting outlets and related gaming services rather than positioning itself as a single-site casino operator. OEG became a publicly traded company on the Tallinn Stock Exchange, now Nasdaq Tallinn, after its initial public offering in October 2006. Its shares traded on the Baltic Main List under the symbol OEG1T. Public-market ownership gave the company access to capital for regional expansion and made it one of the more visible Estonian companies in the gambling and leisure sector. Over time, the group established a substantial operating footprint: by December 2018 it reported 114 casinos and 23 betting points across six countries. The country breakdown included 24 casinos in Estonia, 52 in Latvia, 17 in Lithuania, six in Slovakia, 14 in Italy and one in Malta. The group’s geographic concentration remained strongest in the Baltic region, where it operated the majority of its casino estate. Its broader European presence extended the brand beyond Estonia and allowed it to participate in several regulated gambling markets with different licensing and operating conditions. In addition to casino gaming, betting services formed an important part of its operating model. The business employed approximately 2,852 people across six countries as of the period described in reference material. A decisive turning point came in March 2018, when Luxembourg-based holding company Novalpina, through its subsidiary Odyssey Europe AS, made an offer for all outstanding OEG shares. The offer valued the transaction at approximately €288 million. OEG’s board supported the takeover, and the acquisition was completed later in 2018. Following the transaction, Olympic Entertainment Group was merged into Odyssey Europe AS and ceased to operate as an independently listed public company. Its shares were removed from Nasdaq Tallinn in November 2018, ending the company’s period as a listed Estonian enterprise. After the acquisition, Corey Plummer was appointed chief executive in November 2018. The company’s public identity subsequently became less distinct as its operations were incorporated into the acquiring structure. In April 2020, OEG signed an exclusive agreement with GGNetwork, indicating continued activity or commercial arrangements connected with online or networked gaming services after the takeover. However, the available reference material does not provide enough detail to establish the full scope, duration or commercial results of that agreement. Olympic Entertainment Group is therefore best understood as a former regional casino and betting operator rather than an active standalone consumer brand. Its historical significance lies in its role as an Estonian-listed company that built one of the larger casino networks in the Baltic region before being taken private and absorbed into Odyssey Europe AS.
History
Olympic Entertainment Group was an Estonian gambling and entertainment concern built around casino and betting operations. Its business model combined physical casino venues with betting points and related gaming services, with the Baltic states serving as its principal regional base. The group also operated in several other European jurisdictions, including Slovakia, Italy and Malta, and reference material additionally associates it with Croatia. The company became part of Estonia’s public equity market when it completed an initial public offering in October 2006. Its shares were admitted to the Tallinn Stock Exchange, now known as Nasdaq Tallinn, and traded under the ticker OEG1T on the Baltic Main List. The listing provided a public-market platform for a business pursuing cross-border expansion in a regulated and capital-intensive industry. Casino operators must manage property networks, licensing requirements, local regulation, staffing and customer-facing entertainment infrastructure; OEG’s regional strategy involved applying that operating model across multiple national markets. By December 2018, the group’s reported estate consisted of 114 casinos and 23 betting points. Estonia accounted for 24 casinos, while Latvia was the largest individual market with 52. Lithuania had 17 casinos, Slovakia six, Italy 14 and Malta one. The group employed 2,852 people in six countries during the period covered by the reference material. These figures illustrate the scale reached by OEG before and around the time of its ownership transition. A separate reference describes the group as ranking eighth in Estonia by revenue in 2019, with revenue of €30 million, although the precise accounting basis and reporting context are not specified in the available material. The company’s ownership changed fundamentally in 2018. In March, Odyssey Europe AS, a Luxembourg-based holding company backed by Novalpina Capital, made an offer for all Olympic Entertainment Group shares. The bid, reported at approximately €288 million, was accepted by OEG’s board. The transaction transformed OEG from an independently listed Estonian company into an acquisition target controlled through Odyssey Europe. After completion of the takeover, the group was merged into Odyssey Europe AS. The takeover also brought the end of OEG’s stock-market history. Its shares were delisted from Nasdaq Tallinn in November 2018, with the reference material giving 16 November as the delisting date. Corey Plummer was appointed chief executive in November 2018, following the change in ownership. Earlier disclosed board figures identify Indrek Jürgenson as a board member from 1 October 2009 and Madis Jääger as a board member from 27 December 2010; the available material does not specify their departure dates. In April 2020, Olympic Entertainment Group signed an exclusive agreement with GGNetwork. The reference does not explain whether the arrangement covered a particular territory, product, platform or period, but it indicates that commercial initiatives connected with gaming continued after the 2018 ownership transition. The available sources do not provide sufficient information to describe the group’s later corporate structure, brand status or final operating footprint in detail. As a result, OEG is most accurately catalogued as a former Estonian regional casino and betting group whose standalone listed existence ended after its acquisition and merger into Odyssey Europe AS.
- 2020
Exclusive GGNetwork agreement
[1]Olympic Entertainment Group signed an exclusive agreement with GGNetwork.
- 2018
Takeover by Odyssey Europe
[1]Odyssey Europe AS, backed by Novalpina Capital, agreed to acquire Olympic Entertainment Group in a transaction valued at approximately €288 million.
- 2018
Delisting from Nasdaq Tallinn
[1]The company’s shares were delisted from Nasdaq Tallinn on 16 November 2018 following the takeover.
- 2010
Madis Jääger joins the board
[1]Madis Jääger began serving as a board member on 27 December 2010.
- 2009
Indrek Jürgenson joins the board
[1]Indrek Jürgenson began serving as a board member on 1 October 2009.
- 2006
Initial public offering
[1]Olympic Entertainment Group completed an initial public offering and became listed on the Tallinn Stock Exchange under ticker OEG1T.
Products and positioning
A regional, multi-market casino and betting operator focused on the Baltic states and selected European gambling markets.
Casino gaming
Casino operations
The group’s core offering was a network of land-based casinos operating across the Baltic states and selected European markets. Venues formed the main customer-facing expression of the Olympic brand and supported casino gaming, entertainment and hospitality-related activities. By December 2018, the reported network included 114 casinos in Estonia, Latvia, Lithuania, Slovakia, Italy and Malta.
Betting services
Sports betting
Olympic Entertainment Group also operated betting services through dedicated betting points. The betting network complemented the casino estate and extended the group’s presence into sports wagering and related regulated gaming activity. The company reported 23 betting points as of December 2018, although the available reference does not provide a detailed product or platform breakdown.
Networked or online gaming services · 2020
GGNetwork arrangement
In April 2020, the group entered an exclusive agreement with GGNetwork. The available source identifies the arrangement but does not specify its exact territories, technology, product scope or commercial performance. It is therefore recorded as a gaming-related commercial offering rather than as a fully documented standalone product.
Brand decisions
2020
Exclusive agreement with GGNetworkOtherBackground
The group pursued a commercial relationship with GGNetwork after its 2018 ownership transition.
Action taken
Olympic Entertainment Group signed an exclusive agreement with GGNetwork.
Aftermath
The available source does not report the agreement’s duration, financial outcome or effect on the group’s operating structure.
2018
Board accepts Odyssey Europe takeover offerM&ABackground
Olympic Entertainment Group was operating a substantial casino and betting network when Odyssey Europe AS, backed by Novalpina Capital, offered to buy all of its shares.
Action taken
The board accepted the offer, reported at approximately €288 million, and the company was subsequently acquired and merged into Odyssey Europe AS.
Aftermath
The transaction ended Olympic Entertainment Group’s independent corporate and listed-market status.
Reported takeover value. EUR 288 million (2018)
2018
Delisting and merger into Odyssey EuropeStrategyBackground
After the acquisition, the group no longer needed to maintain its independent public listing on Nasdaq Tallinn.
Action taken
Olympic Entertainment Group was delisted from Nasdaq Tallinn on 16 November 2018 and merged into Odyssey Europe AS.
Aftermath
The OEG1T listing ended and the company ceased to exist as an independently listed group.
Sources1 sources
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