ECONOMY

OPAP to reach new IT deal with Intralot soon

Betting firm OPAP expects to reach a new agreement this month to secure more terminals after the firm canceled a tender to upgrade its IT unit, OPAP’s chief executive said yesterday. «By the end of the month, we should have reached a deal with Intralot, which would make up for the end of the previous contract for Stoichima,» Vassilis Neiadas said. OPAP has been in talks with Greek lottery systems provider Intralot to extend a current contract to provide the lottery with hardware and software for the operation of its flagship sports betting game Stoichima. The -65 million deal with Intralot ends later this month. Analysts said it was important for OPAP to secure more terminals for the smooth operation of its games. Greek financial press reported yesterday the deal could provide OPAP with 2,000 new terminals for about two years in addition to 3,500 Intralot currently leases to the betting firm. Neiadas declined to comment on the reports. OPAP, 34 percent-owned by the state, has the exclusive right to organize sports bets and lotteries in Greece until 2020. Its shares trade about 14 times 2007 estimated earnings, compared with about 17 for British bookmakers Ladbrokes and 14 for William Hill, according to Reuters Estimates. (Reuters)