ECONOMY

Greek gaming monopoly sues state for 1 bln euros

greek-gaming-monopoly-sues-state-for-1-bln-euros

Greek gaming giant OPAP has sued the state for over a billion euros ($1.06 billion) in damages over a new tax and a dispute over a video lottery contract.

"The company filed today a request for arbitration under the 2011 VLT License Agreement with the London Court of International Arbitration for damages in excess of 1 billion euros," OPAP said late Thursday.

OPAP said it had been forced to suspend the installation of thousands of video lottery terminals owing to restrictions imposed by the Greek gaming commission.

OPAP was also angered by a new tax law drafted by the leftist government and approved in parliament last week.

"This levy discriminates against OPAP SA and favors other operators of games of chance in Greece, including unlicensed and unregulated in Greece online operators that operate in violation of OPAP SAs exclusivity rights," the company said.

Formerly one of the main sources of income for the cash-strapped Greek state, OPAP was privatised in 2013 under pressure from the country's international creditors.

[AFP]