It took some time, but finally, OPAP (a Greek company that organizes and conducts the games of chance) got the approval of Greece’s market and competition authority HCC for purchasing stakes in Stoiximan Group. Stoiximan Group is an online sportsbook property operated by Malta-based GML Interactive. OPAP has been allowed to purchase a 51% stake in Stoiximan and for that venture, they will pay €95 million.
OPAP Investments, the company’s subsidiary will maintain the stake and it will so-share ownership of the Maltese sportsbook with enterprise investors TCB Holding.
Before completing this transaction, OPAP already had some shares owned in Stoiximan. The company secured a 37% stake in 2018 for €50 million.
HCC was obliged to review and monitor OPAP’s investments in Stoiximan because of Greece’s recent decision to change gambling regulations in the country.
In order to finally complete this deal, OPAP will need to get approval from Cyprus’s Competition and Consumer Protection Authority.