The Greek national lottery operating rights are about to be renewed, with the current operators OPAP and IGT's rebranded Brightstar going head-to-head for the exclusive operating license for the next decade. Both companies formally submitted their letters of intent on July 23, becoming the only two qualified bidders.
This tender, initiated by the Greek sovereign investment agency GrowthFund, covers a full set of national lottery products including Ethnikó national lottery, instant tickets, national housing lottery, public lottery, special social lottery, and AELLE special lottery. In the next phase, the two companies will submit binding formal bid documents.
OPAP has been operating the Greek national lottery since 1990 and paid 190 million euros in 2013 for a 12-year operating right, which is about to expire. With its deep local market experience, OPAP may have a competitive advantage. In the first quarter of 2024, OPAP's total revenue reached 595 million euros, with the lottery business contributing 207 million, accounting for nearly 35%. Online gambling is a growth highlight, with revenue increasing by 19.8% year-on-year to 85 million euros.
Meanwhile, OPAP's parent company Allwyn is strengthening its online business layout. Last week, it announced the acquisition of the remaining 15.51% stake in Stoiximan for 191.6 million euros, bringing its shareholding to 100%. The brand's total gambling revenue in 2024 increased by 27% year-on-year, showing strong performance. Allwyn stated that this move will enhance its control in Greece's rapidly growing online gambling and sports betting sectors and synergize with its lottery business.
Brightstar's participation adds a twist to this competition. As the Greek lottery market is about to enter a new phase, who will ultimately win will determine the landscape of the country's lottery market for the next decade.
