ATHENS--Greece has accepted an improved bid for the state lottery from an international consortium led by OPAP SA (OPAP.AT) which could net the country 1.5 billion euros ($1.94 billion) over the next 12 years, the agency overseeing the privatization program said Wednesday.

The consortium, which also Lottomatica SpA (LTO.MI), Intralot Lotteries and Scientific Games Global Gaming, will have the exclusive right to produce, operate, circulate, promote and manage the country's state lotteries for 12 years.

"Both the price and the range of companies that undertake the management of State Lotteries are considered satisfactory," said Ioannis Emiris, Chief Executive of the Hellenic Republic Asset Development Fund.

The bid amounts to EUR190 million, while the agreement also sets out that 30% of annual gross gaming revenue will go to the Greek state.

This is one of the first concrete steps undertaken by Greece in almost two years to push forward its long-delayed privatization program.

Greece has only raised about EUR1.6 billion since its first bailout loan in May 2010 and has acknowledged that it will miss this year's goal of EUR3 billion from the sale of state assets.

The country's early goal of raising a mammoth EUR50 billion by 2019 has been repeatedly scaled back. Greece will now aim for EUR11.1 billion in privatization proceeds by the end of 2016 and EUR50 billion at some indeterminate time in the future.

Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com

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