Greek State Lotteries

History and Founding

Greek State Lotteries trace their origins to 1874, when King George I issued the first lottery decree to raise funds for archaeological excavations. The State Lottery was formally established in 1929, followed by the Instant Lottery (scratchcards) in 1993. The instant lottery was discontinued in 2003 but revived after the 2013 concession. The modern operating entity, Hellenic Lotteries S.A., was formed by a consortium comprising OPAP S.A. (majority), Scientific Games (16.5% equity), and Intralot. The consortium signed a 12-year exclusive concession agreement with the Hellenic Republic Asset Development Fund on 30 July 2013, assuming full responsibility for production, operation, circulation, promotion, and management of all state lotteries.

Business Model and Revenue

Hellenic Lotteries generates revenue through the sale of physical lottery tickets—both instant scratchcards and draw-based games—sold via a network of over 5,000 retail outlets and street vendors across Greece. The lottery contributes significant tax revenue to the Greek government. OPAP’s lottery segment reported €206.8 million in revenue in the first quarter of 2025 alone. Under the renewed license (December 2025), OPAP paid an €80 million upfront fee for a 12-year extension, and a new 12-year scratchcard supply agreement was signed with Scientific Games in June 2026.

Products and Brands

The core products include the Instant State Lottery (scratchcards), relaunched in 2013 after a decade-long hiatus; the State Housing Lottery, a passive draw-based lottery; the Popular Lottery (Lahiko), a long-standing draw game; the Special Social National Lottery, with proceeds directed to social causes; the National Lottery (Ethniko), including the annual New Year’s lottery; and Extraordinary or Special Lotteries drawn by AELLE. All tickets are sold physically, with online ordering available for physical ticket delivery.

Market Position and Competition

Greek State Lotteries hold a monopoly position under the exclusive concession, with no direct competitors in the physical lottery space in Greece. The concession renewal process in 2025 drew interest from Brightstar (IGT’s lottery arm), indicating the value of the license. OPAP’s dominant market position as the operator of both lottery and other gambling products in Greece reinforces the lotteries’ strong revenue stream.

Leadership

Jan Karas serves as Chairman and Chief Executive Officer of Hellenic Lotteries S.A. (also CEO of OPAP). Pavel Mucha is a Member and Chief Financial Officer. Fotis Zisimopoulos is a Member of the board. No other C-level executives are publicly listed; the company functions as a special-purpose vehicle with operational staff provided by OPAP and its partners.

Recent Developments

In June 2025, GrowthFund launched an international tender for a new minimum 10-year concession, with Phase A expressions of interest due 23 July 2025. Both OPAP (through Hellenic Lotteries) and Brightstar submitted expressions. In December 2025, OPAP secured a 12-year extension with an €80 million upfront fee. A subsequent 12-year scratchcard supply agreement with Scientific Games was signed in June 2026, with 14 new titles launching immediately.