STOCKS NEWS EUROPE-OPAP down after Greece ups tax on games

OPAP (OPAr.AT), Europe's biggest betting firm, is among the top losers in Europe, down 4.5 percent after Greece says it would raise the tax on lotteries and fixed-odds betting games as part of a series of measures to boost revenues.

Wagers' profit from OPAP's sports bet Stihima exceeding 147 euros were taxed with a 5 percent rate. Under the new measures, the rate will be increased to 10 percent, irrespective of the amount of the profit.

"Investors anticipate OPAP would have to raise the payout for Stihima to make it more attractive to what online competitors offer and that such a move would put pressure on the lottery's profit from the game," IBG analyst Dimitris Birbos says.

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