INTRALOT & OPAP go head-to-head in Greek horse race betting tender

Greece’s privatisation agency HRADF confirmed Friday that it has received two binding bids for the exclusive tender to organise and conduct betting on horse races in Greece.

It follows the re-launch of the tender by the Hellenic Republic Asset Development Fund (HRADF) at the beginning of the month.

The final two bidders include a consortium involving Greek gaming and lottery supplier INTRALOT, as well as OPAP Investment, a subsidiary of Greek gaming operator OPAP.

“The board of directors of HRADF will decide during its next meeting on September 23rd, on the validity of the offer and the opening of the financial offer, taking into account the recommendation of its financial and legal advisors,” said the Greek privatisation agency in a statement Friday.

OPAP has already pledged to bid at least €40m for the tender through a consortium with British investment company Global Family Partners.

INTRALOT had won the previous tender for the twenty-year contract in March 2013, but its financial bid of €5.25m plus future revenue was ultimately rejected by HRADF. The tender was subsequently declared void and re-launched.

Shares in INTRALOT S.A (Co. Data) (ASX:INLOT) were trading up 0.60 per cent to €1.68 per share in Athens Friday, while shares in OPAP S.A (Co. Data) (ASX:OPAP) rose 1.44 per cent to €11.95.