OPAP has entered into a long-term concession agreement with the Republic of Cyprus for the exclusive provision of games of chance in the country.
The agreement, struck by the OPAP Cyprus subsidiary, will run for 15 years and is effective immediately. The concession covers conducting, providing and managing designated games of chance.
OPAP also secured a new licence from the National Betting Authority (NBA) of Cyprus, which regulates gambling in the country. The consideration for the licence will be paid in 15 annual installments, based on the annual performance of OPAP Cyprus. OPAP has already paid the first installment of €4.2m ($4.5m), with future payments due on 31 January each year.
