OPAP SA has notified investors that it has divested its ‘minority interest’ in Betano, the Pan-European sportsbook subsidiary of Kaizen Gaming. 

Issuing a market filing, the Athens-listed gambling group disclosed that it had sold its 36.75% stake in Betano to Rubidium Holding – a fully owned ‘indirect’ investment vehicle of Allwyn Entertainment.

Deal terms will see OPAP receive an upfront cash settlement of ‘€50m on a debt-free basis’, with OPAP entitled to receive earnout incentives on Betano’s performance for the financial years 2022, 2023 and 2024.

OPAP deemed the divest of strategic importance, as it prioritises strengthening its leading Greek and Cypriot igaming presence through its flagship Stoiximan brand.

 The Betano business is reported to have registered OPAP EBITDA losses of €400,000 during FY2021 trading.

Capturing its dominance over the Greek gambling market (land-based and digital), in 2019 and 2020 OPAP executed back-to-back investments in Stoiximan, acquiring a majority 84.5% stake from Kaizen Gaming.

Founded in 2017, Betano has served as the Pan-European sportsbook property of Kaizen Gaming, with an established presence in the markets of Germany, Romania, Portugal and Bulgaria. Of strategic importance, Betano further anticipates launches in the South American markets of Chile and Brazil. 

Rubidium Holding will control a minority stake in Betano on behalf of Allwyn Entertainment – the Czech gambling conglomerate that is the 48% majority shareholder in OPAP.

Allwyn is currently in the process of finalising its + $9bn merger with Cohn Robbins Holdings, the SPAC vehicle of former Goldman Sachs President and White House economic advisor Gary Cohn.

The divestment of Betano remains conditional on OPAP receiving regulatory approval from the Hellenic Markets Authority and the separation of Betano Business from Kaizen Gaming’s business units in Greece and Cyprus.