Greek gambling monopoly wants a racing licence

Greece is selling a 20-year licence to take wagers on horse races as part of a privatisation plan agreed with the struggling nation’s international lenders, the European Union and the International Monetary Fund…and the now privately owned gambling monopoly OPAP wants it.

The betting group has partnered with UK fund manager Global Family Partners to secure the licence just days after Greek privatization agency HRADF nixed a deal with Intralot on grounds that it was not satisfactory.

In a stock exchange notification OPAP said its bid with Global Family Partners would be no less than Euro 40 million, very substantially more than the Euro 5.2 million offered initially by Intralot, and the rumoured Euro 9 million of its last offer.

The Reuters news agency reports that the tender is expected to be concluded by the end of September.

Greek horse race betting is currently run by a group titled ODIE, which posted a net loss of Euro 23.4 million in 2012.