OPAP Secures Long-Term Concession Agreement with Cyprus
OPAP, through its subsidiary OPAP Cyprus, has entered into a long-term concession agreement with the Republic of Cyprus for the exclusive provision of games of chance.
The agreement, effective immediately, spans 15 years and grants OPAP the rights to conduct, provide, and manage designated games of chance in the country.
Licensing and Financial Commitments
As part of the agreement, OPAP has obtained a new licence from the National Betting Authority (NBA) of Cyprus, the regulatory body overseeing gambling activities in the country.
The licence fee will be paid in 15 annual instalments, tied to the annual performance of OPAP Cyprus. The first instalment of €4.2 million (£3.6 million/$4.5 million) has already been paid, with subsequent payments due each year on January 31.
The licence outlines specific taxation terms, including a 22.5% tax on the gross gaming revenue (GGR) from games of chance. Additionally, OPAP is required to contribute 5.0% of its GGR from these games towards the sponsorship of sporting, social, and charitable activities in Cyprus.
Established Presence in Cyprus
OPAP has a long-standing presence in Cyprus, having been active in the market since 1969. The company’s current offerings include a variety of popular games such as Joker, Lotto, Proto, Kino, Super 3, Extra 5, Propo, and Propogoal. OPAP also operates an extensive network of over 200 retail stores across the country.
Beyond its commercial operations, OPAP collaborates with several local organizations, including the Cyprus Sports Organisation and the Cyprus Olympic Committee, supporting various initiatives and activities.
