OPAP SA has informed investors that it has sold its’minority investment’ in Betano, Kaizen Gaming’s Pan-European sportsbook business.
The Athens-listed gambling business announced the sale of its 36.75 percent ownership in Betano to Rubidium Holding, a fully owned ‘indirect’ investment vehicle of Allwyn Entertainment, in a market filing.
Under the terms of the agreement, OPAP will receive an upfront cash settlement of ‘€50 million on a debt-free basis,’ as well as earnout incentives based on Betano’s success in the fiscal years 2022, 2023, and 2024.
The sell was deemed strategic by OPAP, which is focused on bolstering its leading Greek and Cypriot igaming footprint through its flagship Stoiximan brand.
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