Three groups express interest in Greek lottery sale

Some of the world's biggest gaming majors teamed up to consider a bid, including Lottomatica, Scientific Games and Intralot. The consortium is led by Greece's OPAP, Europe's biggest listed gaming company. The other two possible bidders are Austrian Lotteries and a Greek-Italian group led by Sisal SpA.

"Despite extremely uncertain economic conditions... results from the first stage of the state lottery tender are very encouraging," said Costas Mitropoulos, head of the state's privatisation agency.

Greece's state lotteries generated turnover of 348 million euros last year. A source close to the process said the government could fetch between 400 million and 600 million euros (us$ 520-785 million) from the sale.

The state lotteries tender was launched last month as part of an ambitious 50-billion euro asset sale plan to help Greece cut a public debt amounting to 160 percent of gross domestic product and stave off bankruptcy.

Greek privatisations have been moving at a snail's pace so far, due to a combination of foot dragging and adverse market conditions. The government has secured about 1.7 billion euros, far short of an initial 5 billion target.

About half that money came from extending OPAP's gaming licence. Greece's government owns a 34 percent stake in the company and controls its management. OPAP itself is slated for full privatisation next year, when Greece hopes to raise a total 9.3 billion euros from asset sales.