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With the blessings of the PSC, the control of Stoiximan by OPAP

OPAP, with the consent of the PSC as far as Cyprus is concerned, now exercises sole control over Stoiximan's activities in Greece and Cyprus.

pecifically, last year OPAP adopted measures to support the network of stores , improved its online performance and completed its strategic investment in Kaizen Gaming, now having sole control of its activities in Greece and Cyprus, under the Stoiximan brand.

Stoiximan is active in the field of electronic gambling ("online gaming") in Greece and Cyprus under the name Stoiximan. It has a branch in Cyprus, while in Greece it has a tax representative, according to Greek Law 4002/2011. Under Cypriot law restricting the betting services that can be legally provided by an electronic provider in the Republic of Cyprus (see below), Stoiximan is active in the provision of online betting (mainly sports betting and betting on the results of other non- sports).

The decision of the PSC

The Commission, having taken into account all the elements of the administrative file as well as relevant case law, concluded that, for the purposes of evaluating this concentration, the relevant product market is defined as the gaming market, which is divided into 1) electronic games and 2) ground bets.

The geographical market for the relevant market of products / services is the territory of the Republic of Cyprus. Stoiximan, which is the Target Company, which will be transferred entirely to Stoiximan Ltd, is active in the field of electronic gambling in Greece and Cyprus. It is noted that OPAP Sports has recently obtained a Class B license to be able to offer online betting services in Cyprus10.

As already mentioned, OPAP already exercises joint control over Stoiximan. After the completion of the transaction, OPAP will exercise sole control over Stoiximan Business, which will be transferred in its entirety to Stoiximan Ltd. Therefore, the transaction in question will not create new overlapping activities between OPAP and the Target Company that did not already exist prior to the merger.

Based on the above and all the data of the administrative file, the Commission concludes that according to what is recorded by the companies participating in the merger, there is no horizontal overlap in the Republic of Cyprus.

It is pointed out that the current transaction will not create new vertical relations between OPAP and Stoiximan, which did not exist before. The Commission also notes that there is no vertical relationship between the participating companies and no neighbor relationship.

According to the provisions of the Law, specifically Articles 20 and 21, the criterion on the basis of which a concentration is declared compatible or incompatible with the requirements of the competitive market concerns the significant obstruction of effective competition in the Republic or in a significant part of it, especially as a result of establishing or strengthening a dominant position in the affected markets.

Based on the above and all the data of the administrative file, the Commission concludes that there are no affected markets nor other markets in which the notified concentration may have significant effects, based on the provisions of the Law.

Based on the real and legal data, as analyzed and outlined and as in their detail are highlighted and confirmed by the file of the current concentration but also applying the relevant provisions of the Law, the Commission, exercising the powers granted to it in accordance with the Law , reached the unanimous decision that in the said concentration there is no question of creating or strengthening a dominant position or hindering competition.

Acting in accordance with Article 22 of the Law, the Commission unanimously decided not to oppose the notified concentration and declared it compatible with the operation of competition in the market.


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