It may sound like something taken from a Wall Street movie, but two of Britain’s largest bookmakers, Betfair and William Hill, may soon take over the Greek Gambling Monopoly operated by OPAP.

In a recent announcement from the Remote Gambling Association (RGA), a large part of OPAP (still unknown exactly how large it may be) is in the process of being sold off, mostly due to the Greek government’s need to privatize the company.

Both Betfair and William Hill have applied to the Greek Gambling Commission and to the Ministry of Finance to acquire some stakes at OPAP before it officially goes to the trade market.

Nevertheless, 33% of OPAP has already been sold to the Czech investor Jiri Smejc for the modest sum of €652 million. Smejc is known for controlling the Greek-Czech Emma Delta Fund.

It remains unclear what part of the remaining 77% of OPAP will be set for this new market offering.

However, the RGA is not happy about the Greek government’s decision to sell off the company: [the Greek government] is being very short-sighted […] denying itself tax income from established online operators that would bring in millions of euros in taxation if they could be licensed in Greece, commented Clive Hawkswood, CEO for RGA.

Granting permission to Betfair and William Hill for purchasing stakes at OPAP would mislead the EU Gambling Commission Treaty, due to the fact that national gambling companies should be run by local governments or national companies, not by offshore private holders.

The RGA is legally fighting against the Greek government’s decision to sell OPAP, including lobbying and public relations in order to get to a legal, clear, workable and fair resolution.

As a side note, Betfair’s shares in the stock market have risen from £650 in January 2013 up to £877 this July; on its part, William Hill has increased its share value £339 in January this year, all the way up to £458, reached this month of July.