About OPAP
The organisation traces its roots nearly 70 years, when it was established as a state-owned entity to operate the PRO-PO football pools game, with the first slip issued in March 1959. It was incorporated as a Société Anonyme in 1999. The Hellenic State progressively reduced its holding through share sales between 2001 and 2005. The pivotal structural event of the modern era was the 2013 privatisation, when the Emma Delta Hellenic Holdings consortium, backed by KKCG, acquired the controlling stake. Online expansion came through a series of investments in Kaizen Gaming’s Greek and Cypriot subsidiary Stoiximan beginning in 2018, which was fully consolidated into the group from December 2020. In October 2025, Allwyn and OPAP announced an all-share merger valued at €16 billion that will create the second-largest listed gaming entertainment company globally, with the combined entity maintaining its existing public listing and pursuing a possible secondary listing in London or New York. Completion is expected in the first half of 2026, pending Hellenic Gaming Commission approval.
OPAP’s portfolio is organised by product vertical. The lottery segment operates under the a number of brands, with TZOKER the flagship jackpot product. Pame Stoixima is the retail and online sports betting brand, first launched in 2000 as the country’s first legal sports betting product. Stoiximan operates as a separate consumer brand for online sports betting and casino, covering the group’s fully consolidated online division. The VLT estate spans approximately 362 PLAY gaming halls.
| Founded | 1958 |
|---|---|
| Headquarters | Athens, Greece |
| CEO / Key Executive | Jan Karas, CEO |
| Listed | Athens Stock Exchange (OPAP.AT) — Allwyn merger pending (H1 2026) |
| Key Markets | Greece, Cyprus |
| Employees | ~2,000 (2024) |
| Annual Revenue | €2,407.9m GGR (FY2025, record high) |
Market Position & Regulatory Footprint
OPAP holds exclusive concessions from the Hellenic Gaming Commission covering lotteries and sports betting to 2030, horse racing to 2036, and VLTs under an 18-year licence awarded in 2011. Online gaming is covered by a separate licence. OPAP Cyprus Ltd holds equivalent rights in Cyprus under bilateral arrangements dating to 2003. The Hellenic Competition Commission’s December 2025 Statement of Objections concerning Allwyn’s separate proposed acquisition of Novibet explicitly noted that OPAP holds a market share of more than 50% of the Greek online betting and gaming market, providing an externally validated assessment of the group’s domestic regulatory and commercial weight. FY2025 GGR reached a record high, representing 4.9% year-on-year growth driven by strong Tzoker jackpot performance and continued online expansion.
For suppliers and technology partners, OPAP represents the most significant single procurement relationship available in the Greek regulated market. Its exclusive concessions mean a content or platform partnership reaches effectively the entire regulated Greek gaming audience across both retail and online channels. The Allwyn merger is the defining strategic event for the group over the next 12 months: completion will embed OPAP’s operations into a group also running lotteries in Austria, the Czech Republic, the UK, and Italy, and holding a majority stake in US daily fantasy sports operator PrizePicks. Suppliers and affiliates with pan-European ambitions should treat OPAP and Allwyn as a single procurement and partnership target from the point of merger completion, with the OPAP brand scheduled for replacement by the Allwyn brand in the Greek and Cypriot markets from Q1 2026.
