Opap
“Can Greece's legacy state gaming monopoly transform into a full-stack digital entertainment operator while defending market share against liberalizing European online-gaming competition?”
Founded1958
HQAthens, Greece
IndustryVertical SaaS / Gaming & Lottery
The story
OPAP began as Greece's state gaming monopoly for football predictions and later expanded into lotteries, horse racing (via IPPODROMIES), and online gaming (pamestoixima.gr sports betting and PLAY digital casino). Privatized in 2013, OPAP has grown into Greece's dominant omnichannel gaming operator — operating retail stores, digital platforms, and subsidiaries including Ellinika Lacheia (lotteries) and Ippodromies. A proposed combination with Allwyn signals consolidation into a pan-European gaming conglomerate.
Product timeline
1958
OPAP founded as the Organisation of Football Prognostics (Greek state gaming monopoly), offering football prediction games.· pivot
2000
OPAP listed on the Athens Stock Exchange, transitioning toward a publicly traded gaming operator.· ipo
2013
Greek state sold its majority stake in OPAP to Emma Delta consortium, privatizing the company.· pivot
2020
OPAP issued a €300m Bond Loan, reinforcing its capital structure during COVID-19 disruptions.· banking
2023
OPAP / Allwyn proposed business combination signaled possible integration into Allwyn's broader pan-European gaming group.· acquisition
Regulated entities
Gambling/Gaming License
Greece
OPAP A.E.
The stack
Accounting gap: none