Greek gaming technology firm Intralot has made a proposal to Greece’s Finance Minister Yanis Varoufakis to create a national lottery in the country.

Greek betting operator OPAP holds a monopoly on the Greek gambling market, and in 2013, the Greek government sold its 33% OPAP stake to investment group Emma Delta for €652m.

According to Intralot Chairman Socrates Kokkalis during the company’s annual general meeting in Athens, a national lottery should be established upon the announcement of an international tender by the state, should be organized and run by the new Hellenic Gaming Commission (HGC) and that should be restructured and operate independently and not in favor of the current private monopoly.

“The lottery may be owned exclusively by the state, or co-owned by the state and insurance funds or it may even be built on a public-private partnership. The management of the lottery ought to be awarded to an established and globally recognized company in the sector,” said Kokkalis “According to industry estimates internationally, the fee for the concession of such a license may range from €100m to €250m for a period of 10-20 years, while the annual revenues for the state could amount to as much as €500m to €600m.”