In 1959, OPAP began operating Propo with 33 games each year. By 1992, OPAP had increased the number of Propo games to 134 a year. Currently, more than 150 Propo games are played each year.

In 1990, Lotto was introduced, a numerical lottery game in which the jackpot is rolled over to the next drawing if no Lotto ticket matches all six winning numbers. Initially, Lotto generated high revenues. However, since 1996 revenues generated from Lotto have decreased due to new games being introduced and saturation of the Lotto game in the Greek market.

In 1992, OPAP introduced Proto, a random seven-digit number game either played in combination with other lottery games or separately. Since 1997, revenues from Proto have declined partly as a result of the decline of Lotto, the game with which Proto is most commonly played in combination.

In 1996, Propo-goal was introduced, a game in which players must choose eight out of 30 football matches in which football teams are likely to have the greatest aggregate number of goals.

In 1997, the Super 13 category in Propo was introduced, which is played in combination with Propo. In this category winning depends on correctly guessing the results of 13 football matches plus an additional football match marked "Super 13".
In 1997, OPAP also introduced Joker, a numerical lottery game, in which the jackpot for each category is rolled over to the respective category of the next drawing if no Joker ticket matches all six winning numbers. Joker is the third most popular game, although recently its popularity has been declining. In addition, we also introduced a fourth winning category in Lotto in which players can win for correctly predicting three numbers.

In 1999, the company reorganized into a societe anonyme, which remained wholly-owned by the Hellenic Republic. OPAP is registered with the Registry of Société Anonyme under the number 46329/06/B/00/15. Our tax registration number is 090027346. OPAP is also member of the Athens Chamber of Industry and Commerce under registration number 188148.
Furthermore, in 1999, following an international tender, the company entered into an agreement with Intralot S.A. in which the latter was assigned with certain parts of the operation of Stihima. The agreement also includes a risk management arrangement. Under the terms of this arrangement, Intralot S.A. guarantees that the payout of Stihima will not, on an annual basis, exceed the agreed target annual payout and in the event it is exceeded, Intralot S.A. undertakes to pay any excess payout amount.

On January 28, 2000, OPAP introduced Stihima, a fixed odds betting game that currently allows players to wager on football games, basketball games, Formula One and international tennis. Stihima almost immediately became, and until 2004 remained, our most popular game. Unlike lotteries where the player relies exclusively on luck, sports betting involves an element of skill and knowledge, which we believe in turn increases player loyalty to the game. In 2003, Stihima generated €1.7 billion in revenues, representing 72.4% of our total revenues from games, and in 2004, Stihima generated €1.6 billion in revenues, representing 50.8% of our total revenues from games.

In December 2000, OPAP entered into a 20-year concession contract with the Hellenic Republic for the exclusive operation and management in Greece of nine existing numerical lottery and sports betting games, as well as two additional numerical lottery games that we have yet to introduce. Under the terms of the concession contract and the law governing its terms, the company was also granted the exclusive right to operate absolute and variable fixed odds betting subject to government approval of each game and hold the sole concession to operate and manage any new sports betting games in Greece. In addition, the concession contract and the law governing its terms granted OPAP a right of first refusal for the sole concession to operate and manage any new games permitted and regulated by the Hellenic Republic, provided that it accepts the right to operate the new game within the time limit set by the Hellenic Republic (which, pursuant to the concession, cannot be shorter than four months). The purchase price for the 20-year concession was €322.8 million. Most of the consideration for the concession was offset against several claims OPAP had against various Hellenic Republic bodies, the General Secretariat of Athletics and the Ministry of Culture. An additional €29.3 million was capitalized. The remaining €62.9 million and an additional €13.2 million owed to the Hellenic Republic were paid in two equal installments on June 30, 2001 and June 30, 2002.

Since the grant of the concession in December 2000, OPAP is no longer required to distribute profits to the Hellenic Republic. Instead, it distributes some of its profits to its' shareholders in the form of dividends. The Hellenic Republic's significant shareholdings and majority board rights allow it to influence certain of our operations and some of our commercial decision making, for example, to meet its social, political and economic objectives. For example, until December 2002 the company conducted operations in Cyprus on a break-even basis pursuant to an inter-state agreement. Although the company now bases business decisions on commercial criteria and the Hellenic Republic will no longer continue to hold a majority of the ordinary shares after the combined offering, it will retain significant influence over decisions submitted to a vote of the shareholders and will continue to have the right to appoint the majority of the board of directors, allowing it to continue to influence the operation and management of OPAP's business. The Hellenic Republic has also retained the right to approve the rules of the games, the agents' commissions and the payout in respect of each game. This is in addition to the Hellenic Republic's general regulatory authority over the gaming and wagering industry. Through these arrangements, the Hellenic Republic intends to achieve certain public interest objectives. The concession granted to OPAP on an exclusive basis is intended, among other things, to: confine the desire to gamble and the exploitation of gambling within controlled channels, minimize the risk of fraud or crime in the context of such exploitation and provide the Hellenic Republic, as shareholder, with proceeds to finance its public interest purposes.

On April 25, 2001, OPAP completed the initial public offering and its ordinary shares began trading on the Main Market of the Athens Exchange. In that offering, the Hellenic Republic sold 5.4% of the ordinary shares through a public offering to retail and institutional investors in Greece and a private placement to the permanent employees and agents. On July 17, 2002, the Hellenic Republic sold a further 18.9% of ordinary shares through an international offering outside of Greece, a public offering to retail and institutional investors in Greece and a private placement to permanent employees. As a retention incentive, the Hellenic Republic distributed one free ordinary share for every 10 ordinary shares owned (up to 200 ordinary shares per investor) to investors, other than institutional investors, that held the ordinary shares for at least six months, resulting in the distribution of an additional 0.007% of share capital to the public. The participants in the private placement received a 10.0% discount on the offering price. The proceeds of these offerings were collected by the Hellenic Republic as part of its privatization program.

On November 25, 2002, OPAP introduced Super 3 and Extra 5, two numerical lottery games. Super 3 involves the prediction of one to three numbers out of a three digit number drawn three times a day. Extra 5 has daily drawings in which winning depends on the prediction of five numbers out of 35.

On February 12, 2003, the Hellenic Republic and the Republic of Cyprus entered into a new inter-state agreement permitting OPAP to operate Kino, Joker, Propo, Super 3, Lotto, Proto, Extra 5 and Propo-goal in Cyprus. The new agreement, which came into effect as of January 1, 2003, replaced a series of prior agreements dating back to 1969. While previously operations in Cyprus were conducted on a non-profit basis, pursuant to this agreement, operations in Cyprus are now conducted on a commercial basis that provides OPAP with a fixed percentage of the revenues from those operations.

On July 12, 2003, the Hellenic Republic sold a further 24.4% of ordinary shares through an international offering outside of Greece, a public offering to retail and institutional investors in Greece and a private placement to OPAP's permanent employees. As a retention incentive, the Hellenic Republic distributed one free ordinary share for every 10 ordinary shares owned (up to 200 ordinary shares per investor) to investors, other than institutional investors, that held the ordinary shares for at least six months, resulting in the distribution of an additional 0.34% of our share capital to the public. The participants in the private placement received a 10.0% discount on the offering price. The proceeds of this offering were collected by the Hellenic Republic as part of its privatization program.
In August 2003, as part of the company's international expansion strategy under the inter-state agreement entered into between the Hellenic Republic and the Republic of Cyprus, OPAP Cyprus Ltd. was established, which is primarily responsible for the organization, operation and advertising of all games in Cyprus. Initially, OPAP Cyprus Ltd. operated as a branch in Cyprus and is currently operated as one of OPAP's subsidiaries. In October 2003, OPAP acquired a 90% interest in OPAP Glory Ltd., a Cypriot sports betting company. The acquisition enabled the company to establish a presence in fixed odds betting in Cyprus as well as to strengthen the already well-established position there. In October 2003, OPAP also acquired a 20% interest in Glory Technology Ltd., which specializes in fixed odds sports betting games in Cyprus and primarily provides computer information services for the conduct of on-line lottery games and is involved in the planning, organizing and development of high technology systems in the computer information services sector. OPAP Glory Ltd. Operates on-line through agencies.

On November 3, 2003, OPAP introduced the new Kino game, a numerical fixed odds lottery game that has become the most popular game since the completion of its roll-out in October 2004. In the three months ended March 31, 2005, we derived 50.6% of our revenues from games from Kino.

In January 2004, the subsidiary OPAP International Ltd. was established in Cyprus with the objective of supporting the strategic expansion of operations abroad and to introduce new games and upgrade existing ones on an international scale.

In July 2004, the subsidiary OPAP Services S.A. was established in Greece in order to develop the potential of agents' network and, more generally, the Greek athletics sector, including through the provision of services for and the organization of athletic and cultural activities, the sale of tickets for athletic, cultural and other recreational activities and the formation of a uniform corporate image for our points of sale. In order to finance the upgrade of the agency network, OPAP has committed to spending 1.0% of annual revenues from Kino (including value added tax and excluding Kino revenues from Cyprus) from January 1, 2004 to December 31, 2008.

The Hellenic Republic sold in July 2005 16.44% of the company’s share capital via a combined offer to institutional and non institutional investors in Greece and to foreign institutional investors, and to OPAP S.A. employees' through private placement. The trading of the outstanding shares that were disposed in the combined offer started on 21 July 2005. The Hellenic Republic intends to distribute for free one common share for every 10 common shares held by investors, excluding institutionals, for at least six months (maximum 100 free shares per investor) as hold motive. Total proceeds were collected by the Hellenic Republic as part of the privatization programme.

On March 7 2006 the new PROPO 14&7 was launched with the addition of a 14th football game (cancellation of S13) giving the possibility to participate in the first seven games of the ticket.