KKCG, the Czech investment vehicle founded by oil tycoon Karel Komerek, has increased its stake in Greek gaming operator OPAP to almost 15 per cent.

The company has boosted its stake in OPAP by increasing its shareholding in Czech investment fund Emma Delta, which acquired the Greek government’s 33 per cent stake in the operator in August 2013.

KKCG acquired an additional 22.35 per cent stake in Emma Delta this week, doubling its holding in the business, buying shares in the business from ICT Holding, another investor in the fund. This makes KKCG the largest single shareholder in Emma Delta.

The deal further strengthens Komerek’s portfolio of gambling investments as he looks to diversify his business through the gaming sector. KKCG was also involved in a consortium, alongside GTECH and Emma Capital, which competed for the tender to operate the Turkish National Lottery, ultimately losing out to a Scientific Games-backed consortium.

In related news, OPAP has agreed a contract with Inspired Gaming Group to take delivery of 3,960 video lottery terminals for the Greek gaming market. The operator holds an exclusive ten-year licence to operate 35,000 VLTs in the country, with 16,500 through its own network, and the remaining 18,500 machines through up to ten subconcessionaries.

Inspired chief executive and founder Luke Alvarez said that he was proud his company had been selected to supply one of Europe’s “largest and most established operators.”

“We will be launching a significant number of Inspired VLTs in the coming months and we look forward to many years of on-going success in Greece with OPAP,” he added.

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