OPAP Cyprus Ltd has embarked on a new journey, having signed a Concession Agreement with the Republic of Cyprus. This agreement grants OPAP Cyprus the exclusive rights to conduct, provide, and manage designated games of chance in the Cypriot market for a period of 15 years.
This agreement is in line with the longstanding goals of the Republic of Cyprus, as outlined in the Law on Designated Games of Chance, published in June 2018. The law aims to safeguard public interest, enhance market supervision, combat illegal gambling, and promote responsible gaming. In this context, the National Betting Authority (NBA) of Cyprus has been appointed as the regulatory body overseeing OPAP Cyprus’ operations.
The concession came into effect immediately after the NBA issued the relevant licence. The license fee will be paid in 15 annual instalments, calculated based on a specific mathematical formula that also takes into account the annual performance of the games offered by OPAP Cyprus. The first instalment of €4.2 million has already been paid, with subsequent instalments due on 31 January of each licence year.
As per the Law on Designated Games of Chance and the Concession Agreement, the Republic of Cyprus will receive 22.5 percent of OPAP Cyprus’ Gross Gaming Revenue (GGR). Furthermore, OPAP Cyprus is obligated to allocate an amount equivalent to 5 percent of its GGR to sponsor sporting, social, and charitable activities within the Republic of Cyprus. The minimum annual proceeds for the Republic of Cyprus are set at €20 million.
Kamil Ziegler, Executive Chairman of OPAP and Chairman of OPAP Cyprus, (pictured above), expressed his satisfaction with the new 15-year Concession Agreement. He emphasized the group’s commitment to continue offering popular games and appealing experiences to customers, supporting shared goals, and implementing impactful social initiatives.
OPAP has been a significant player in the Cyprus market since 1969, offering games that have become top choices for Cypriot customers. These include TZOKER, LOTTO, PROTO, KINO, SUPER 3, EXTRA 5, PROPO, and PROPOGOAL. The company’s network of over 200 stores forms the backbone of its business and is one of the largest commercial networks in the country.
New era of gaming in Cyprus
OPAP Cyprus is a responsible partner of the Cypriot society, delivering tangible value to its stakeholders. It has made significant contributions in the field of Health, through meaningful interventions such as donating modern mammography equipment, supporting cancer treatment and awareness with Europa Donna, and standing beside leading health organizations.
In the realm of sports, OPAP Cyprus has institutional partnerships with the Cyprus Sport Organization and the Cyprus Olympic Committee, among others. It supports sport at all levels, from infrastructure to national championships, and even the Cyprus Olympic Team.
In the cultural sector, OPAP Cyprus cooperates actively with the Deputy Ministry of Culture and various cultural organizations to preserve and promote cultural heritage and support the development of the cultural sector. It sponsors a wide range of cultural events and organizations, including the Cyprus Symphony Orchestra Foundation.
In the field of Education, OPAP Cyprus has partnered with the Ministry of Education, Sport, and Youth to benefit Cyprus’ youth. It has implemented impactful initiatives, including providing free meals to thousands of students in rural areas during the major economic crisis, supporting the creation and operation of music and sports schools, strengthening special schools, and supporting innovative programmes that aim to inspire young people in the areas of science, culture, and sports. This commitment to education reflects the company’s belief in the value of investing in the country’s youth, its most valuable asset.
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