OPAP
OPAP is a Greek gaming and lottery company that operates sports betting, numerical lotteries, gaming halls and related betting businesses.
Last updated August 26, 2026
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Overview
OPAP, formally the Greek Organisation of Football Prognostics S.A., is one of Greece's principal gaming companies. It was created in 1958 as a private legal entity under the General Secretariat for Sport, with the public-policy objective of raising money for Greek sport through football-prediction games. Its first product, PRO-PO, was introduced in March 1959 and initially required players to predict the outcomes of football matches. The organization expanded from a small, geographically limited operation into a nationwide retail network and became closely associated with the financing and sponsorship of Greek sport and, later, cultural activities. For much of its history, OPAP operated as a state-controlled gambling monopoly. Its portfolio broadened beyond football prognostics during the 1990s and 2000s, when it introduced or developed lottery and sports-betting products including LOTTO, TZOKER, PROTO, PROPOGOAL, PAME STOIXIMA, SUPER 3, EXTRA 5 and KINO. PAME STOIXIMA, launched in 2000, became a particularly important sports-betting franchise. OPAP also developed digital channels, including online betting and mobile applications, while continuing to rely heavily on a large network of licensed retail agencies. The company was converted into a société anonyme in 1999 and was listed on the Athens Exchange in 2001. The Greek state progressively reduced its holding through share offerings and disposals. In October 2013, the state sold its remaining approximately 33% stake to Emma Delta, completing OPAP's privatization. The company subsequently expanded its portfolio through concessions and subsidiaries. A consortium involving OPAP Investment, Intralot Lotteries and Scientific Games obtained a long-term concession to operate Greece's state lotteries in 2013. In 2015, OPAP's Horse Races subsidiary acquired a 20-year Greek horse-racing betting licence, with domestic races beginning in 2016. OPAP's business encompasses numerical lotteries, sports betting, virtual sports, instant and state lottery products, gaming machines and horse-racing betting. It has also operated through subsidiaries in Cyprus, including lottery and sports-betting businesses. The brand remains highly visible through sponsorships of national teams, federations, clubs and individual athletes. Its naming relationship with the stadium used by AEK Athens further demonstrates its role as a major Greek sports sponsor. The company has faced regulatory and commercial controversy. Its historic monopoly was challenged by Stanleybet International, William Hill and Sportingbet. In a 2011 preliminary ruling, the European Court of Justice found that elements of the Greek gambling monopoly framework were incompatible with fundamental European Union market freedoms unless justified and applied consistently. OPAP has also faced disputes with retail agents over commission structures and contract changes introduced alongside its long-term strategic program. These disputes included strikes, litigation and the termination of cooperation with agents who did not accept revised contractual terms. Today, OPAP is an active Greek gaming brand operating within a heavily regulated market. Its identity combines mass-market lottery and betting products, a nationwide agency presence, digital gaming services, and extensive sports sponsorship. Ownership and group structure have evolved since privatization, but the OPAP name continues to be used across the company's consumer-facing operations.
History
OPAP was established in 1958 against the backdrop of Greek efforts to improve sports infrastructure and find stable sources of funding for athletic development. It was created as a private legal entity under the General Secretariat for Sport. A royal decree provided the legal basis for its initial games, and PRO-PO, the organization's football-prognostics product, went on sale on 1 March 1959. The early service began in Athens, Thessaloniki and Piraeus, with tickets sold through ordinary shops and kiosks rather than a mature dedicated agency system. PRO-PO proved successful and gradually acquired a nationwide presence. During the 1960s, OPAP introduced changes to its prize and prediction formats and expanded its network to hundreds of agencies. A second game, 6 from 36, was launched in 1965 but was discontinued after weak and declining participation. During the military-junta period, the agency network and revenues grew substantially, supported by the regime's promotion of sport, increased agency margins, group betting systems and prize draws. By the mid-1970s OPAP had become a large national institution. Growth continued after the restoration of democracy. By the early 1980s, OPAP had almost 3,000 agencies and its revenues had risen significantly. The use of OPAP proceeds to fund stadiums, indoor sports halls and other facilities became a visible part of its public role. Oversight of sponsorship decisions became more subject to parliamentary scrutiny, and the organization broadened its support from sport into cultural activities. By the end of the decade, the agency network had reached roughly 4,000 locations. The 1990s brought important product and technology changes. LOTTO and TZOKER were launched in 1990, followed by PROTO in 1992 and PROPOGOAL in 1996. These products required better computerization and helped transform OPAP from a football-prediction organization into a broader lottery and gaming operator. In 1999, it became a société anonyme under the name OPAP S.A. In 2000, PAME STOIXIMA introduced legal sports betting on a major commercial scale in Greece and later became one of the company's most important products. OPAP listed on the Athens Exchange in 2001, initially allowing the state to sell part of its share capital. Further disposals in 2002, 2003 and 2005 reduced the state holding to approximately one-third. The company also expanded outside Greece. In 2003, OPAP Cyprus Ltd was established under an agreement between Greece and Cyprus to organize, conduct and market OPAP games in Cyprus. Other subsidiaries and affiliated businesses subsequently supported lottery, sports-betting, investment and service activities. In 2004, OPAP launched KINO, while SUPER 3 and EXTRA 5 had been introduced in 2002. The company later added digital betting, virtual sports and gaming-hall formats. Privatization was completed in October 2013, when the Greek state sold its remaining approximately 33% interest to Emma Delta for €622 million. That year, a consortium including OPAP Investment Ltd obtained the right to operate Greece's state lotteries for 12 years. The arrangement involved an upfront payment and a guaranteed minimum financial return for the Greek state, although those terms should be interpreted as concession consideration rather than OPAP group revenue. OPAP broadened its betting activities again in 2015 when its Horse Races subsidiary acquired a 20-year horse-racing betting licence. Domestic races organized by the subsidiary began at Markopoulo in January 2016, and the business later offered common-pool betting on selected French races as well as betting on British and South African racing. Digital development continued with the launch of a smartphone application in 2015, online PAME STOIXIMA access and additional virtual and electronic products. OPAP has also been a prominent sports sponsor. Its support has extended to the Greek national football and basketball teams, the relevant national federations, major Greek clubs, athletics and individual athletes. The OPAP Arena name reflects the brand's commercial and sponsorship relationship with AEK Athens. The company's monopoly status has been challenged repeatedly. In 2008, Greek authorities shut down Stanleybet International's Greek operations after raids on its offices. Stanleybet, William Hill and Sportingbet subsequently challenged the exclusion of competing betting services. In 2011, the European Court of Justice issued a preliminary ruling that the Greek monopoly framework was incompatible with EU law as applied, placing pressure on Greece to demonstrate that restrictions were coherent, proportionate and genuinely directed toward public-interest objectives. A separate series of disputes involved OPAP's retail agents. In 2017, the company proposed a new contract and commission model as part of its 2020 strategy. Agents objected to lower and variable commissions, and some pursued judicial review while others took strike action. OPAP terminated relationships with agents who did not accept the new terms; reporting cited the termination of cooperation with approximately 600 agents in 2018. These events illustrate the tension between OPAP's centralized commercial strategy and the interests of its extensive agency network. OPAP remains active as a major Greek gaming brand, with physical agencies, gaming venues, lottery and betting products, digital channels, subsidiaries and sponsorship activities. Its history is closely tied to the development of regulated gambling in Greece and to the changing relationship between public finance, sports funding, privatization and European competition law.
- 2020
POWERSPIN launches
[1]OPAP introduces POWERSPIN as an additional gaming product.
- 2017
Virtual sports betting launches
[1]OPAP adds PAME STOIXIMA Virtual Sports to its product portfolio.
- 2015
Horse-racing licence is acquired
[1]OPAP's Horse Races subsidiary acquires a 20-year Greek horse-racing betting licence.
- 2013
Privatization is completed
[1]The Greek state sells its remaining approximately 33% stake to Emma Delta.
- 2011
European court rules on the Greek betting monopoly
[1]The European Court of Justice issues a preliminary ruling finding the Greek monopoly framework incompatible with EU law as applied.
- 2004
KINO launches
[1]OPAP adds KINO to its numerical gaming portfolio.
- 2003
OPAP Cyprus is established
[1]A Cyprus subsidiary is formed to organize, conduct and market OPAP games in Cyprus.
- 2001
OPAP lists on the Athens Exchange
[1]The company becomes publicly traded while the Greek state retains a substantial shareholding.
- 2000
PAME STOIXIMA launches
[1]OPAP launches its major legal sports-betting product in Greece.
- 1999
OPAP becomes a société anonyme
[1]The organization adopts the corporate form OPAP S.A.
Products and positioning
A mass-market Greek gaming and lottery operator combining a large retail agency network with digital betting, lottery products, gaming venues and prominent sports sponsorship.
Football prognostics · 1959
PRO-PO
OPAP's founding football-prediction game, launched in 1959. Players predict match results on a structured coupon, and the product established the company's original connection with Greek football and sports funding.
Numerical lottery · 1990
LOTTO
A numerical lottery introduced during OPAP's modernization and expansion in the 1990s. LOTTO helped diversify the company beyond football prognostics and supported the development of its computerized national agency network.
Numerical lottery · 1990
TZOKER
A numerical lottery launched alongside LOTTO in 1990. It became one of OPAP's recognizable lottery brands and forms part of the company's traditional retail gaming portfolio.
Sports betting · 2000
PAME STOIXIMA
OPAP's principal sports-betting brand, launched in 2000 as Greece's first legal large-scale sports-betting game. It is distributed through retail agencies and, since the later digital expansion, through online and live-betting channels.
Numerical lottery · 2004
KINO
A frequent-draw numerical gaming product introduced in 2004. KINO expanded OPAP's offering toward rapid-play lottery participation and became a major part of the company's agency-based gaming proposition.
Virtual sports betting · 2017
PAME STOIXIMA Virtual Sports
A virtual-sports extension of the PAME STOIXIMA brand, introduced in 2017. It provides simulated sporting events for betting through OPAP's regulated distribution channels.
Gaming · 2020
POWERSPIN
A gaming product added to OPAP's portfolio in 2020. It represents the company's continuing expansion into electronic and rapid-play gaming formats.
Horse-racing betting · 2016
Horse Races
Horse Races S.A. operates betting on Greek and selected international horse racing under the licence acquired by OPAP's subsidiary in 2015. Greek races began under the subsidiary's organization in 2016.
Controversies
2018
Termination of cooperation with approximately 600 agents
OPAP terminated cooperation with approximately 600 agents who did not sign the revised contract while the related legal dispute remained unresolved. The removal of OPAP equipment from agencies intensified criticism of the company's treatment of its distribution network.
2017
Retail-agent contract dispute
Agents objected to a revised contract that changed commission arrangements and introduced adjustments linked to gaming results. Nine agents sought judicial review, and agents also organized a strike. OPAP treated the legal challenge as a threat to its operating model and terminated cooperation with those agents.
2011
EU-law challenge to OPAP's gambling monopoly
Challenges by Stanleybet, William Hill and Sportingbet led to a European Court of Justice preliminary ruling that the Greek gambling-monopoly framework was incompatible with EU law as applied. The ruling placed the legality and justification of OPAP's exclusive position under sustained scrutiny.
2008
Stanleybet operations shut down in Greece
Greek authorities closed Stanleybet International's Greek operations and confiscated assets after the company entered a market dominated by OPAP. The action attracted criticism because OPAP had publicly complained about the competitor and because it was viewed by some observers as protection of the incumbent monopoly.
Marketing campaigns
- 20172020 Vision
Greece
OPAP presented a long-term strategic program known as 2020 Vision alongside a proposed new contract for its retail agents. The initiative connected network management, commissions and the company's future operating model.
Outcome. The program generated significant opposition from agents and contributed to strikes and litigation.
- 1959PRO-PO launch advertising
Greece
OPAP used strong promotional activity around the launch of PRO-PO, helping the first product gain early public participation and establish the company's national profile.
Outcome. PRO-PO became the foundation of OPAP's early growth.
- Sports sponsorship program
Greece
OPAP has maintained a broad sponsorship program involving the Greek national football and basketball teams, national federations, major clubs, athletics and individual athletes.
Outcome. The program strengthened OPAP's association with Greek sport and public-facing community support.
Brand decisions
2017
Implement the 2020 Vision agency strategyStrategyBackground
OPAP sought to revise retail-agent contracts and align remuneration with net gaming revenue and customer winnings.
Action taken
The company proposed a commission model with a fixed percentage of net gaming revenue subject to quarterly adjustment.
Aftermath
The proposal led to strikes, court proceedings and the eventual termination of cooperation with agents who rejected the revised terms.
2015
Acquire the Greek horse-racing betting licenceM&ABackground
Horse-racing betting in Greece had previously been associated with the state-owned ODIE group.
Action taken
OPAP's Horse Races S.A. acquired a 20-year horse-racing betting licence from the Hellenic Republic Asset Development Fund.
Aftermath
The subsidiary began organizing Greek races in 2016 and added betting on selected foreign racing pools.
Licence price. EUR 40 million (November 2015)
2013
Acquire the state's remaining OPAP holdingM&ABackground
The Greek privatization process offered the state's remaining approximately 33% interest in OPAP to private investors.
Action taken
The Emma Delta investment scheme acquired the holding from the Hellenic Republic Asset Development Fund.
Aftermath
The transaction completed OPAP's privatization and ended direct state ownership of the company.
Purchase price. EUR 622 million (11 October 2013)
2013
Join the Hellenic Lotteries concession consortiumM&ABackground
Greece granted a long-term concession for the operation of its state lotteries.
Action taken
OPAP Investment Ltd took a 67% interest in Hellenic Lotteries, alongside Intralot Lotteries and Scientific Games.
Aftermath
The consortium obtained exclusive operating rights for the Greek state lotteries for 12 years.
Guaranteed minimum income to the Greek state. EUR 580 million (12-year concession)
Recent events
- Unconfirmed
OPAP completes acquisition of a 51% stake in Stoiximan’s Greek and Cypriot operations[2]
Reported:
OPAP Group completed the acquisition of a 51% stake in Stoiximan Group’s Greek and Cypriot operations. The article says OPAP then held a 69% stake in those operations.
Sources2 sources
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