Stoiximan.gr Acquisition: Key Details, Impact, and What Comes Next

OPAP's acquisition of Stoiximan.gr marks a significant development in the online gaming industry. By securing a majority stake in the Greek and Cypriot operations of Stoiximan, OPAP has strategically bolstered its market presence. This move not only enhances OPAP's digital footprint but also solidifies its position in the competitive online sports-betting sector.

What Is Stoiximan.gr?

Founded in 2012, Stoiximan.gr is a leading online betting company in Greece. It offers a wide range of services, including online sports betting, live betting, virtual sports, fantasy sports, and live streaming of sports events. Unique features such as high-quality live streaming, a Cash Out option during live betting, and a secure betting environment set it apart in the market. Additionally, Stoiximan.gr provides comprehensive guides and statistics to support informed betting decisions.

Who Acquired Stoiximan.gr?

OPAP is a leading gaming company in Greece, offering a diverse range of betting and lottery services. Key products include the online sports betting platform Pamestoixima.gr, the online lottery service Opaponline.gr, and popular lottery games like Joker, KINO, and Eurojackpot. Additionally, OPAP operates physical stores and provides live casino and virtual games. The company holds a significant market position, being one of the largest and most recognized gaming entities in Greece.

When Was Stoiximan.gr Acquired?

OPAP announced its acquisition of Stoiximan.gr on April 21, 2020, and completed the transaction on August 7, 2020. This acquisition occurred during a period of significant consolidation in the gambling industry, with major operators increasing their stakes to expand market presence. The timing also coincided with heightened regulatory scrutiny and a surge in online gaming due to the global pandemic, making it a strategic move for OPAP to strengthen its digital footprint.

Why Was Stoiximan.gr Acquired?

• Market Expansion: OPAP's acquisition of Stoiximan.gr is a strategic move to expand its market presence in the online gaming sector, particularly in Greece and Cyprus. By acquiring a majority stake, OPAP significantly increases its influence and customer base in these regions, positioning itself as a leading player in the online sports-betting market.
• Technology Integration: Although not explicitly mentioned, the acquisition of Stoiximan.gr implies that OPAP will integrate Stoiximan's advanced online gaming technology and platforms into its operations. This integration is expected to enhance OPAP's digital offerings and streamline its online gaming services, providing a more robust and user-friendly experience for its customers.
• Competitive Advantage: By acquiring Stoiximan.gr, OPAP strengthens its competitive position in the Greek and Cypriot markets. Stoiximan holds a significant market share in these regions, and this acquisition allows OPAP to leverage Stoiximan's established presence and customer base. This move not only increases OPAP's market share but also enhances its ability to compete with other major players in the online gaming industry.

Acquisition Terms

• Acquisition Price: The acquisition price for Stoiximan.gr by OPAP was €163.4 million.
• Payment Method: The transaction included an aggregate consideration of €43.3 million plus net cash, with additional performance-based earn-out payments for 2020 and 2021.
• Key Conditions or Agreements:
  • Performance-based earn-out payments for 2020 and 2021.
  • Regulatory approvals from the Hellenic Competition Commission and the Commission for the Protection of Competition of the Republic of Cyprus.
  • OPAP aims to acquire the remaining 14.52% of SMGC to become the sole owner, pending regulatory approvals.

Impact on Stoiximan.gr

The acquisition of Stoiximan.gr by OPAP has led to notable changes in operations and management. With OPAP now holding an 84.48% stake, the management structure has seen significant shifts, including the integration of Stoiximan's leadership into OPAP's broader strategic framework. This consolidation aims to streamline operations and leverage Stoiximan's expertise in online gaming to enhance OPAP's market position. The operational control by OPAP is expected to bring about more cohesive and efficient management practices, aligning with OPAP's long-term goals.

In terms of product offerings and services, the acquisition has bolstered OPAP's portfolio, particularly in the online sports-betting sector. Stoiximan's robust platform and innovative features are now part of OPAP's digital offerings, potentially leading to an enriched user experience. Employee reactions have been cautiously optimistic, with many viewing the acquisition as an opportunity for growth and stability. Customers have generally responded positively, appreciating the enhanced service quality and expanded betting options. For founders considering business transitions, tools like Sunset can assist in managing such processes compliantly and efficiently.