Minister of Finance Makis Keravnos and OPAP (Cyprus) have signed a 15-year Exclusive License Agreement for the organization, provision and management of certain games conducted by OPAP S. A. in the Cypriot market.

Keravnos said after the signing, in Nicosia. that this agreement sets the cooperation between the ROC  and OPAP (Cyprus) Ltd on a sound and sustainable basis.

OPAP Executive Chairman and Chairman of OPAP Cyprus Ltd Kamil Ziegler expressed content for reaching an agreement which he said is a “very historic moment for us.” He noted that OPAP Cyprus is active for 55 years in Cyprus. We hope that during all this time the company showed that it is on the side of the Cypriot people, he added.

He promised on this occasion that this will continue to be the same. “We will be there to operate and to do our job in a transparent way, always complying with all the framework and regulations” in place, he said. He pledged moreover to support Cypriot society and be a “proper corporate citizen”, which he said is their aim.

Ziegler expressed appreciation for the trust to be able to operate in Cyprus.

Keravnos said after the signing of the contract that it "marks the beginning of a new era for the gaming sector in Cyprus, putting our cooperation on a sound and sustainable basis and for mutual benefit."

The agreement stipulates that the minimum annual revenues of the Republic of Cyprus will amount to €20 million, with the first instalment, amounting to €4.2 million, having been paid today.

Keravnos said that because the main concern is the protection of the public from the risks posed by this sector, "we proceeded with the preparation of a comprehensive legal and supervisory framework that complies with the requirements of EU law, while at the same time safeguarding significant revenues for the state budget and financial resources for public benefit purposes."

According to the Ministry of Finance, there is also provision for the payment of a tax of 22.5% on the gross profit from holding certain games of chance for each accounting period, as well as sponsorships of 5% on gross profit for activities in the Republic concerning sports, as well as of social and charitable interest.

It is further noted that OPAP Cyprus has a deep connection with Cypriot sports, being its timeless blood donor. Through institutional partnerships with the Cyprus Sports Organisation and the Cyprus Olympic Committee, as well as with the vast majority of sports federations, the company stands by the side of sports, from infrastructure to national championships and the Cyprus Olympic Team, it is added.

The Ministry said that OPAP Cyprus, in cooperation with the Deputy Ministry of Culture and a number of cultural organizations, contributes with its support, aiming to protect and promote the cultural heritage of the country, as well as to support the development of the cultural sector.