OPAP Investments, a Cypriot subsidiary of Greek gambling monopoly OPAP, has struck a deal to acquire a majority stake in Payzone Hellas, which manages the largest network of payment terminals in Greece.
OPAP Investments acquired the 90% stake from Payzone Group for €7.75 million ($10.4 million).
Payzone Hellas, which has more than 11,000 POS terminals, will help OPAP to reduce its sales dependence at traditional betting outlets through its mobile phone network.
According to the Ekathimerini news website, the network will be used for adding credit to OPAP gambling cards for online betting.
Payzone Hellas posted turnover of €272 million and a profit of €400,000 in 2013.
On August 28, iGaming Business reported that OPAP had reported better-than-expected results in the second quarter despite having been hit by a retroactive tax bill of €21.6 million in the period.
OPAP’s net profit slumped by 44.5% to €15.7 million, but earnings before interest, tax, depreciation and amortisation (EBITDA) rocketed by 50% to €68.6 million.
source : www.igamingbusiness.com
