Greece seeks new operator for state lotteries

The Greek government has formally initiated a comprehensive international tender process to award a new concession for the operation of its state lotteries. The concession includes exclusive rights to develop, manage, operate, market, and commercially exploit the national lottery portfolio for a minimum duration of ten years.

This process marks a critical juncture in the future of Greece’s gaming landscape and opens the field to international competition. The initiative will determine which entity will assume control over some of the most prominent lottery offerings in the country, previously monopolised by the private company Hellenic Lotteries S.A., a subsidiary of the prominent Greek gambling group OPAP.

Overview of the concession and scope of the tender

The concession encompasses the entire suite of Greek state lotteries. This includes the primary national lottery Ethnikó as well as a series of other key products:

• The Instant State Lottery
• The State Housing Lottery
• The Popular Lottery
• The Special Social National Lottery

The Extraordinary or Special Lottery drawn under the auspices of the European Association of State Lotteries (AELLE)

These games collectively represent a substantial portion of the national gaming sector, both in terms of revenues and public participation. Their continued operation is not only a matter of economic interest but also of social and cultural significance.

Tender management and phases of the process

The tender is being administered by Growthfund, the sovereign wealth and asset management entity of the Hellenic Republic. Growthfund is tasked with overseeing state asset privatisations and enhancing the value of public holdings through efficient, transparent processes.

The procedure will unfold in two distinct phases:

• Phase A: Interested operators must submit their expression of interest by 4:00 PM local Greek time on July 23, 2025. This initial phase focuses on the eligibility and qualification of applicants.
• Phase B: Only those parties who successfully pre-qualify during Phase A will be invited to submit binding financial and technical proposals. This phase will determine the final awarding of the concession.

Full details about the eligibility criteria, technical specifications, and financial terms are published in the Invitation for Expression of Interest, which can be accessed via Growthfund’s official platform at StateLotteriesEoI website (hypothetical link for clarity).

Historical context and OPAP’s role

The incumbent operator of the Greek state lotteries is Hellenic Lotteries S.A., a wholly-owned subsidiary of OPAP S.A. (Organismos Prognostikon Agonon Podosfairou). OPAP is the dominant gambling operator in Greece and holds a significant historical and commercial role in the country’s gaming ecosystem.

Since the introduction of the Greek national lottery in 1990, OPAP has managed its operations. In 2013, OPAP secured a 12-year exclusive licence through a public tender, paying an upfront fee of €190 million and committing to annual guaranteed payments to the state. This licence, due to expire by the end of 2025, will not be renewed automatically, thus prompting the new open tender process.

OPAP's current financial performance and market position

Despite the looming expiry of its lottery concession, OPAP has demonstrated robust financial performance in the latest fiscal results. In the first quarter of 2025, the company reported a year-on-year revenue increase of 8.2%, reaching a total of €595 million.

The digital transformation of the gaming sector was a key contributor, with online gambling revenue growing by 19.8%, climbing to €85 million. This shift reflects broader industry trends across Europe, where regulatory modernization and consumer behaviour have accelerated the move to online platforms.

Nonetheless, lottery operations remain OPAP’s largest revenue stream. The company generated €207 million in gross gaming revenue (GGR) from lottery sales alone, representing 34.7% of its total GGR and reflecting a 5.5% increase year-on-year.

Other segments also performed well:

• Betting revenue rose 13.1% to €190 million
• Video lottery terminal (VLT) revenue increased 3.5% to €89 million
• However, revenues from instant and passive games fell 8.6%, amounting to €25.6 million

These figures underscore the continued relevance and profitability of the lottery segment, even amidst a broader diversification into digital gaming.

Implications for future operators

The upcoming concession presents a rare opportunity for both domestic and international operators to enter or expand their footprint in the Greek gaming market under a regulated and exclusive framework. Given the scale and cultural importance of the lottery in Greece, the successful bidder will gain access to a mature, revenue-generating vertical with a guaranteed national footprint.

The exclusivity of the concession further enhances its commercial value. The operator will benefit from legal protection against direct competition in the licensed lottery categories, creating a stable environment for long-term investment and marketing strategies.

The involvement of Growthfund, known for applying rigorous due diligence and transparency in public asset management, is likely to reassure potential bidders of a fair and accountable process.

Legal safeguards and regulatory considerations

Given the involvement of state-managed assets and the sensitivity surrounding gambling operations, the tender process includes numerous compliance and governance provisions. Applicants must demonstrate:

• Proven operational experience in managing large-scale lottery or gaming services
• Financial stability and sufficient capital to support ongoing obligations
• Capacity to adhere to responsible gambling frameworks and anti-money laundering (AML) laws
• Clear corporate governance structures

Greece’s gaming regulatory body, the Hellenic Gaming Commission (HGC), is expected to provide continued oversight once the concession is awarded, ensuring that the licensed operator adheres to local gaming laws, player protection standards, and fair play guidelines.

Public interest and societal contributions

Part of the concession’s structure includes mandatory contributions to public welfare funds and support for social projects. This tradition aligns with the broader European model of using state lottery profits to fund health, education, sports, and cultural initiatives.

The Greek state will expect not only financial performance but also tangible contributions to the public good from the incoming operator. These obligations will be clearly outlined in the final licensing agreement.

Looking ahead: What to expect from the bidding process

Although OPAP is considered a strong contender for renewal due to its experience and market share, the open nature of the tender means there is no guaranteed outcome. Several major European gaming firms may express interest, including other state-run operators or private-sector consortia with established lottery credentials.

This bidding process could draw competition from pan-European groups such as Française des Jeux (FDJ), Sisal (Italy), or even North American or Asian entities seeking European expansion.

The final outcome will significantly influence Greece’s gambling sector for the next decade and beyond, reshaping not only commercial strategy but also regulatory development and digital innovation within the market.

Conclusion

The launch of the international tender for Greece’s state lotteries marks a pivotal development in the country’s gambling and public asset sectors. With the current 12-year concession held by OPAP’s Hellenic Lotteries nearing its expiration, the government’s decision to initiate a transparent and competitive bidding process signals a shift toward greater market openness and institutional accountability.

This concession, covering a broad portfolio of lottery products, represents a significant economic and strategic opportunity for qualified operators, both domestic and international. The inclusion of strict regulatory requirements and public interest obligations ensures that the future operator must uphold the integrity of the lottery system while contributing meaningfully to Greek society.

As Growthfund leads this multi-phase process with clear governance and oversight mechanisms, stakeholders can anticipate a fair and commercially sound outcome. The results of the tender will shape the future of Greece’s lottery sector for at least the next decade, influencing not only economic outcomes but also digital innovation, responsible gaming, and the funding of vital public initiatives.

While OPAP may enter the competition with an incumbent’s advantage, the tender’s open nature provides room for other major players in the global lottery industry to present compelling bids. In this new chapter for Greek gaming, transparency, competitiveness, and public benefit will take center stage.

FAQs

What is the Greek lottery concession tender about?
The Greek government has launched a tender for a new 10-year concession granting exclusive rights to operate all state-run lotteries.

Which lotteries are included in the concession?
The concession covers Ethnikó, the Instant State Lottery, the Housing Lottery, the Popular Lottery, the Special Social National Lottery, and the Extraordinary Lottery by AELLE.

Who is managing the tender process?
The tender is being managed by Growthfund, Greece’s sovereign asset manager.

When is the deadline to express interest in the tender?
Interested parties must submit their expression of interest by 4:00 PM (local time) on July 23, 2025.

Will OPAP participate in the tender again?
Although not confirmed, OPAP is expected to participate, given its history and current role as the concessionaire.

What happens after Phase A of the tender?
Pre-qualified applicants from Phase A will be invited to submit binding offers in Phase B.

What financial commitments are expected from bidders?
Applicants must meet financial capability criteria and commit to guaranteed payments and public welfare contributions.

What regulations apply to the new operator?
The operator must comply with Greek gaming laws, AML requirements, and responsible gambling regulations under Hellenic Gaming Commission oversight.

Will the new operator have competition?
No, the concession grants exclusive rights to the operator for the defined categories of state lotteries.

Where can I find official tender documents?
All official documents are available on Growthfund’s designated tender website for the state lotteries.