Lottery organizer OPAP is one of Greece’s most profitable firms

AMING is a popular activity in Greece, where the legal segment of the market stands at an estimated 6.5 billion euros ($8.5 billion)–and the illegal part is reckoned to be worth at least another 3 billion euros.

Dominating the legal market is the Greek Organization of Football Prognostics (OPAP), organizer of the Greek lottery and one of the biggest publicly traded gaming companies in Europe. The company, which is 51%t owned by the state, has a 20-year exclusive license to operate existing games in Greece.

One of the most profitable companies in the country, OPAP regularly exceeds expectations on its returns thanks to the popularity of its sports betting games and its new game, Kino. In November, the firm reported a 32.3% year-on-year rise in net profit to 279.3 million euros ($365.3 million).

Anestis A. Filippidis, OPAP’s Chairman, makes it clear that his primary focus is on the bottom line. “My main consideration is to yield more profits to our shareholders,” he says.

Keeping up to date with the latest technology is vital to the success of OPAP, which is about to make a substantial investment upgrading its IT system. There are also plans for the company to establish its own research and development section to provide data from which it can assess the potential for new games.

ANESTIS A. FILIPPIDIS Chairman of OPAP

“Is there a market for more games? Yes, there is,” says Mr. Filippidis. “New technology moves very fast and you always need to catch up. We have to come up with new ideas, new games, which will gradually decrease the proportion of illegal gaming.” He believes that the best way to tackle illegal gaming is by offering something better.

This year, OPAP has been rolling out its latest lottery game, Kino, across Greece, after a successful test run in Cyprus. The game is proving a big success— particularly in the Athens metropolitan area where 50% of the Greek population lives—and has already made an important contribution to the boost in profits.
OPAP is planning to expand its operations to neighboring countries in the Balkans area. “If we do not do it someone else will,” says Mr. Filippidis. “Business today is international. It is not enough to be the best domestically, you also have to be the best internationally.”