OPAP
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| Anonymi Etairia | |
| Traded as | : OTC: |
| Industry | Gambling |
| Founded | 1958 |
| Headquarters | Athens, Greece |
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Key people
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| Products |
Lotteries Sports betting |
| Revenue |
 €1.400 billion (2015) |
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€302.8 million (2015) |
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| Profit |
€210.7 million (2015) |
| Total assets |
 €1.709 billion (2015) |
| Total equity |
€1.162 billion (2015) |
| Owner |
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Number of employees
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860 (2015) |
| Website | opap.gr |
OPAP – Greek Organisation of Football Prognostics S.A. (Greek: ΟΠΑΠ – Οργανισμός Προγνωστικών Αγώνων Ποδοσφαίρου Α.Ε.) is a Greek company organizing and conducting games of chance. It is headquartered in Athens and for many years OPAP was a state-owned gambling monopoly. The company holds the exclusive rights to organize and manage numerical lotteries and sports betting games in Greece. In 2013 the privatization of the company was completed through the sale of the State's remaining 33% stake to the Emma Delta investment scheme.
In the 1950's an effort to upgrade Greek sport and improve its infrastructure began. In this framework, the General Secretariat for Sports (Greek: ) was established in 1957. In order to secure funding, the idea to utilize revenue from football prognostics - following the example of other European countries - came to fruition. With this aim, OPAP was established in 1958 as a under the umbrella of the General Secretariat for Sport. At the same time of its establishment, a Royal Decree institutionalized the first game OPAP introduced named PRO-PO (the Greek Acronym for Football Prognostics) which was organised along the lines of Italy's Toto Calcio. PRO-PO was launched in March 1959, a few months before the introduction of and part of its revenues contributed to funding the newly created division. Initially there were no exclusive agencies and games players at partner corner-shops/kiosks, dairies, e.t.c while geographically the game was limited to Athens, Thessaloniki and Piraeus. From March, the establishment of agencies gradually began in large regional cities.
PRO-PO enjoyed success from the start. In part this was due to strong advertising campaigns. In the 1960's the game saw various improvements such as the paying out winnings for slips with 11 correct predictions. OPAP was present in 70 cities and in 1966 it had reached 795 agencies. At the same time, it moves its headquarters to Panepistimiou Street, opposite the National Library. In March 1965, OPAP launched its second game, named "6 from 36", an adaptation of a similar German game, the establishment of which was provided in the same royal decree as PRO-PO. There were 36 games on each slip and players had to predict 6 that would result in a draw with the most goals scored. The game was initially met with approval but its slips dropped quickly resulting in the game being stopped in April 1966. This resulted in PRO-PO being the only game for decades to come.
During the military junta period, OPAP experienced impressive growth, helped by the promotion of sport by the dictatorial regime. Agencies shot up to 2,000 from 900 and in 1974 revenues amounted to 1.3 billion drachma, up from 176 million drachma in 1966. The increase in agency profit margins, from 5% to 10%, contributed to this expansion as did the introduction of group systems and the valuable gifts that were drawn (cars, trips etc.) since 1965.
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Wikipedia