Greek Gambling Operation OPAP Sale Postponed

The economic situation in Greece is at a critical point where the county is on the verge of default. Assets in the country have been under the gun to make the nation some money and help replenish the government coffers. One of those assets that has been in the sights of officials to sell is the 34% stake the government has in the gambling firm known as OPAP. There has been an announcement however that the sale of OPAP will be put off until 2012.

In a recent report in Reuters the Chief Executive Officer of the Hellenic Republic Asset Development Fund Mr. Costas Mitropoulos said, “Next week we will announce a public tender for the state lottery. Then, more announcements will follow at about two-week intervals.”
It has been speculated the Greek government is delaying the sale in order to make the firm a more attractive buy and further develop its long range viability. Greece needs to find €50billion by 2015 to bail out its huge debt. The estimated earn from the now delayed sale is €1.7billion.

OPAP just extended its gambling license for a further 10 years amounting to €849million profit for the Greek government. The payment of the license was of course partially paid by the government with more borrowed cash in an already debt ridden land. It has been suggested that the delay in the sale of the money making firm OPAP is in anticipation of a better market in the next year. This according to some analysts is foolish thinking and areal gamble with the value of the organization. Greece’s new gambling laws have been favouring the OPAP company as a monopoly, much to the concern of the European Union and its legal guidelines. Greece seems to be gambling with its economic future in more than one way.