ANNOUNCEMENT OF HORSERACES S.A.

ANNOUNCEMENT 

Horse Races S.A. announces the implementation of a new prize policy for Greek horseraces, which shall be effective as of the horserace meeting of 13 July 2020.

As it is known, the mandatory measures for activity suspension and for containing the spread of the COVID-19 disease, during the period of March-June 2020, eliminated almost entirely the revenues from horserace betting, which is the main financing source for prizes. At the same time, essential provisions of L. 4608/2019, which would contribute to the overall support of the sustainability of Greek horseracing activity, have not been activated and in fact their activation is being hindered, in view of published decisions of the Auditing Council of the State.

Due to these conditions, Horse Races S.A. is forced to proceed with the downsizing of the prizes for Greek horseraces. To date, the company had established prizes that were more than double (higher by 150%) compared to the levels provided through the Concession Agreement for the exclusive right to conduct horseracing mutual betting. Prizes will now be adjusted and reduced by 60%, compared to what had been effective till today, with the company meeting all of its obligations, as spurring from the Concession Agreement, in any case.

In this extraordinary period, the company is working for the smooth organization of Greek horseraces.