OPAP extends online reach with stoiximan deal

News on 24 Sep 2018

In a company statement Monday, Greek gambling group OPAP advised that it has inked a preliminary agreement to acquire a 36.75 percent stake in TCB Holdings, online owner of the gambling group Stoiximan, for Euro 50 million.

Stoiximan owns online operation Betano and is active across the Mediterranean and European regions, and the OPAP deal is part of a strategic investment plan driven by the company’s aim of “exploiting the most modern digital and technological capabilities.”

OPAP additionally revealed that it has reached an additional agreement with TCB to jointly acquire control of the Stoiximan Group’s activities in both Greece and Cyprus.

The second deal will be subject to a “number of previous conditions,” such as regulatory approval and a due diligence survey, before terms of the investment are finalised. Plans are in hand to retain the respective management teams on completion of the arrangements, which reportedly will see Stoixman operating independently.

The news comes on the eve of an expected launch by OPAP of a new online and mobile sportsbook branded Pamestoixima.gr.

Damian Coop, Managing director of OPAP, said: “Strategic investment in Stoiximan is directly complementary to OPAP’s online activities and provides us with an online presence at an international level.”

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