Intralot proposes formation of Greek National Lottery
Socrates Kokkalis, group chairman of Intralot, has revealed that the gaming and lottery provider has put forward a proposal to the Greek Government regarding the possible creation of a National Lottery in the country.
Submitted to Greek Minister of Finance Yianis Varoufakis, the proposal sets out plans for the country to introduce a National Lottery model that has proved successful in other countries across Europe.
Intralot has suggested the National Lottery be established upon an international tender, which should be organised and run by the new Hellenic Gaming Commission (HGC) that itself runs independently from Greece’s current private monopoly.
“The Lottery may be owned exclusively by the state, or co-owned by the state and insurance funds or it may even be built on a public-private partnership,” said Kokkalis during Intralot’s annual general meeting (AGM) this week.
“The management of the Lottery ought to be awarded to an established and globally recognised company in the sector upon the submission of a business plan, for a specified time period and following the aforementioned international tender process.”
Intralot suggested the fee for the concession of the licence to run the lottery range from between €100 million ($111.2 million) to €250 million for a period of 10 to 20 years.
The company also estimated that annual revenue for the state could reach as much as €600 million, including additional side benefits.
“The creation of the National Lottery would follow the guiding principles of the European Union towards the liberalisation of the gaming sector; it would significantly boost government revenues and it would create new jobs,” Kokkalis said.
“The winning bidder could assume any costs of eventual litigation from legal claims against the establishment of the National Lottery potentially made by the private monopoly.”
In addition to a Greek National Lottery, Intralot used its AGM to outline details of a new growth strategy that will be implemented in order to build on the firm’s financial success in 2014.
Antonios Kerastaris, chief executive officer of Intralot, said: “Placing the player at the centre of our operation, the new strategy focuses on further enriching and strengthening our products and services portfolio.
“We are streamlining operations focusing on B2C projects; we are strengthening our subsidiaries’ management, while expanding our offer in existing jurisdictions and seeking opportunities for selective growth.
“Ever committed to the values that have led Intralot to become one of the leading companies in the gaming industry, the new strategy of Intralot will further enhance the successful course of the company to the benefit of our customers, employees and shareholders.”
Related article: Intralot to target expansion after revenue jump in 2014