Gaming Buy
The Facts: According to financial Kerdos citing statements of Stanleybet’s executives, the company is planning to
open outlets in almost every urban centre and the major islands of Greece in 2009. In addition, Stanleybet investigates
the potential establishment of a Greek subsidiary and anticipates the decision of the Council of State in December 5,
2008 in relation to the application of Stanleybet International for the provision of a sports betting license in the Greek
territory.
Our Analysis: Stanleybet invokes Gambelli and Placenica cases that justify the right of individual agents to provide
sports betting services in an EU Member State in line with EU Law. On the other hand, OPAP is waiting the next business decisions of Stanleybet before
proceeding to legal actions against the British company.
Conclusion & Action: In our view, OPAP is expected to react drastically against the commercial operation of Stanleybet in Greece without any prior
decision or approval of the Greek government or any EU regulatory body. We repeat our view that this case may cause a period of increased volatility for
OPAP shares but we maintain our Buy recommendation of OPAP.
Dimitris Birbos dbirbos@ibg.gr +30 210 81 73 392










