OPAP SA is now the exclusive provider of games of chance in the Republic of Cyprus.
The Athens-listed gambling group announced that its OPAP Cyprus subsidiary has signed an exclusive concession agreement to conduct and manage designated games of chance for the government of Cyprus.
This agreement is part of the strategic alignment with Cyprus’ Law on Designated Games of Chance, implemented in June 2018.
The agreement allows OPAP Cyprus to operate exclusively in the Cypriot market for the next 15 years. It aligns with Cyprus’ goals to safeguard public interest, enhance market supervision, combat illegal gambling, and promote responsible gaming practices.
The National Betting Authority (NBA) will regulate OPAP Cyprus’ operations to ensure they comply with these strategic goals. OPAP Cyprus will make annual payments for the licence, starting with an initial payment of €4.2m . Future payments are due on 31st January each year.
Additionally, OPAP Cyprus will share 22.5% of its Gross Gaming Revenue (GGR) with the Republic of Cyprus and will allocate 5% of its GGR to support sporting, social, and charitable activities. The agreement also requires a minimum annual payment of €20m to the Republic of Cyprus.
Kamil Ziegler, Executive Chairman of OPAP and Chairman of OPAP Cyprus, expressed satisfaction with the new agreement, highlighting OPAP Cyprus’ long-standing commitment to offering popular games and supporting social initiatives in Cyprus.
“We are very pleased to have signed a new 15-year Concession Agreement with the Republic of Cyprus.” Ziegler remarked.
“With over 55 years of operations in Cyprus, we have consistently offered popular games and valuable experiences to our customers while supporting shared goals and impactful social initiatives. We are committed to continuing on this path.”
Beyond gaming, OPAP Cyprus is actively involved in community activities, including healthcare contributions, support during the COVID-19 pandemic, and partnerships with various sports and cultural organisations. The company also collaborates with the Ministry of Education, Sport, and Youth to support educational programmes and youth development initiatives.