TAIPED to land lottery gains

The state privatization fund (TAIPED) expects by Friday to have signed the contract conceding the operation of state lotteries for the next 12 years to the OPAP-led consortium, as the deal will fall through if the contract is not signed by June 30. That would result in an immediate loss of revenues totaling 190 million euros, which is the lump sum the winning bidder is set to pay.

“I believe we are in the process of completing the transaction for state lotteries, and after the approval by the Audit Council the deal with OPAP will be completed,» TAIPED board member Andreas Taprantzis told Parliament’s Financial Affairs Committee on Tuesday.

The Audit Council approved the transaction on May 2 but the contract has not yet been signed, due to Lottomatica’s decision to reduce its stake in the OPAP-led consortium.