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Mon Nov 10, 2008 11:20am EST
UPDATE 1-Greece shuts down Stanleybet's outlets
ATHENS, Nov 10 (Reuters) - Greece has shut down UK-based fixed-odds betting firm Stanleybet's two shops in the country for violating a law that protects Greek OPAP's betting monopoly, Stanleybet said on Monday.
Last month Stanleybet opened a store in Athens and one in the northern city of Thessaloniki, even though OPAP (OPAr.AT: Quote, Profile, Research, Stock Buzz), Europe's biggest betting firm, holds the exclusive rights on sports betting and lotteries in Greece until 2020.
"After a lawsuit filed by OPAP, Greek police arrested the person in charge of Stanleybet's store in Thessaloniki and seized terminals, cash and coupons," Stanleybet said in a statement.
The company said the arrests violated European Union laws, and called on the European Commission to act against Greece.
A spokesman in Brussels for the Commission, the 27-nation bloc's executive arm, would not comment on the arrests but noted it had a pending infringement case against Greece over the country's sports betting laws.
"We are of the opinion that the Greek legislation in the sports betting area is not in line with the community provisions," the spokesman said.
Stanleybet requested a licence to operate in Greece in 2005, but the firm has not received any response until now and took the case to the country's highest court, the Council of State. The case is still pending.
An Athens-based analyst said Stanleybet's move to open up stores in Greece was aimed at speeding up the legal case.
"By opening the stores, Stanleybet wanted to speed up a ruling by the Council of State, which could open the way for the case to go to the European Commission or the European Court of Justice," National/P&K Securities analyst George Vitorakis said.
OPAP has about 5,500 outlets in Greece and Cyprus, producing sales of 5 billion euros last year, including 2.2 billion on fixed-odds sports bets.
Stanleybet currently offers sports bets, mainly on soccer events, in Cyprus, Germany, Italy, Belgium, Croatia, Romania and Poland through more than 1,500 outlets. |
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