The price for the license will be paid in 15 annual installments – The first installment of €4.2 million was paid today
A Concession Agreement with the Republic of Cyprus for the exclusive organization, provision and management of specified games of chance in the Cypriot market, for a period of 15 years, was signed today by the 100% subsidiary of OPAP Cyprus, as announced by OPAP.
It is noted that OPAP has been active in Cyprus since 1969. For a number of years, OPAP Cyprus has provided the following games to the Cypriot market: JOKER, LOTTO, PROTO, KINO, SUPER 3, EXTRA 5, PROPO and PROPOGOL. The Concession Agreement is in line with the framework set by the Republic of Cyprus through the Certain Games of Chance Law, which was issued in June 2018.
The concession to OPAP Cyprus has immediate effect, after the granting of the relevant license by the National Betting Authority (EAS) of Cyprus, which took place earlier today. It is noted that EAS is now the regulatory body that will supervise the activities of OPAP Cyprus.
The price for the license will be paid in 15 annual installments, based on a specific mathematical formula, which will also reflect the annual performance of the games provided by OPAP Cyprus. The first installment, amounting to €4.2 million, was paid today. All remaining installments will be payable on 31st January of each year for which leave is granted.
In addition, the participation of the Republic of Cyprus on the gross profit (GGR) of the games organized by OPAP Cyprus amounts to 22.5%. Also, OPAP Cyprus will pay 5% of the GGR of its games for sponsorship of sports, social and public benefit activities within the Republic of Cyprus. The minimum annual income of the Republic of Cyprus is set at €20 million.
In this context, Mr Kamil Ziegler, Executive President of OPAP, said: “We are particularly happy to have signed the new fifteen-year Concession Agreement with the Republic of Cyprus. As a group, we have been active in Cyprus for 55 years, providing popular games and engaging experiences to our customers, supporting common goals and implementing social initiatives with significant impact. Our commitment is that we will continue on the same path.”
Source: Skai
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