OPAP SA has notified investors that it has divested its ‘minority interest’ in Betano, the Pan-European sportsbook subsidiary of Kaizen Gaming.
Issuing a market filing, the Athens-listed gambling group disclosed that it had sold its 36.75% stake in Betano to Rubidium Holding – a fully owned ‘indirect’ investment vehicle of Allwyn Entertainment.
Deal terms will see OPAP receive an upfront cash settlement of ‘ €50m on a debt-free basis’, with OPAP entitled to receive earnout incentives on Betano’s performance for the financial years 2022, 2023 and 2024.
OPAP deemed the divest of strategic importance, as it prioritises strengthening its leading Greek and Cypriot igaming presence through its flagship Stoiximan brand.
