Greece is looking into alternative ways to make profit from its betting monopoly OPAP rather than selling its stake in the firm, Culture and Sport Minister Pavlos Geroulanos, who oversees OPAP, said in an interview with daily Ta Nea newspaper.
Greece holds a 34 percent stake in OPAP, Europe's biggest listed betting firm.
The cash-strapped government has pledged to raise about 700 million euros from new gaming licences and royalties this year, as part of a 110 billion euro EU/IMF bailout.
But press reports last week suggested that government plans to deregulate its lucrative betting market could take longer and that the country was planning instead to divest its stake in OPAP to meet that target.
"If it is to the benefit of the government to sell its 34 percent stake in the firm, then we will do it," the minister said. "We have agreed with the finance minister that if there are other ways for OPAP to help Greek society and Greek economy, then we should make use of them. And for the time being, it seems that there are (other ways)."
Analysts said it was unlikely that Greece would sell its stake in OPAP, which has currently a market value of about 5 billion euros, before opening up its betting market, a move which could add value to the firm.
The government plans to sell stakes in railways, water utilities as well as real estate to raise proceeds of 50 billion euros by 2015, starting with 15 billion in 2011-2013.
source: REUTERS
