ECONOMY

OPAP expects revenues of up to 1 bln a year from VLTs

OPAP gaming company anticipates net revenues between 800 million and 1 billion euros per year from its VideoLottery Terminals (VLTs) when they start operating.

This comes to around 0.5 percent of the country’s gross domestic product and concerns the operation of all 35,000 terminals for which OPAP has obtained a license since 2011, at a cost of 560 million euros.

OPAP has informed potential franchisees of the “Play” mini casinos to be created around the country hosting the VLTs that every store will have net revenues of between 580,000 and 720,000 euros a year. Three quarters of that amount will be paid to OPAP, with the rest being going to the operator as commission.

Payment to OPAP will include the listed gaming company’s profits, payments to VLT suppliers and payments of taxes amounting to 30 percent on Gross Gaming Revenue (GGR).

According to OPAP, each player will be able to bet between 0.10 and 2 euros per spin, while maximum earnings will amount to 1,000 euros, with the exception of jackpots when earnings can be significantly higher. Players will be limited to 12 hours per week and 40 hours per month.