OPAP places winning bet
Shares in Greek gaming group OPAP climbed to a new record high yesterday after the government approved the addition of Greek soccer matches to its betting game Pame Stoichima, expected to boost revenues. Europe’s biggest betting company said late on Tuesday the government signed a revision of regulations on Pame Stoichima, which allows the inclusion of Greek professional soccer matches. «We expect additional revenues of 430 million euros in 2006 assuming introduction of Stoichima on Greek soccer games and full operation of new types of betting,» P&K Securities wrote in a note. OPAP shares ended 2.6 percent up to a new record high of 32.32 euros, while the broader Greek market gained 0.84 percent. Last year, OPAP agreed to increase Pame Stoichima’s payout ratio in an effort to revitalize the game. It also launched live and spread bets on foreign soccer matches in a bid to draw more betters. «The news is positive for OPAP since it lifts the longstanding uncertainty regarding the addition of Greek games in its fixed-odds betting game (Pame Stoichima),» Proton Securities said. The group’s chief executive told Reuters Greek soccer games would be launched by the end of next month, as a period of about 40 days was necessary to determine any possible conflicts of interest. Pame Stoichima, launched in 2000, offered bets only on foreign sports events up to now. (Reuters)
