Results hit by costs of video lottery business roll out
OPAP net profit drops 8.5% in Q1
Europe's fourth-biggest betting firm has reported net profit of EUR 39M (USD 43.67M) in the first three months of the year, down from EUR 42.8M euros in the same period a year ago.
2017-06-14
Reading time 30 seg
Europe's fourth-biggest betting firm has reported net profit of EUR 39M (USD 43.67M) in the first three months of the year, down from EUR 42.8M euros in the same period a year ago.
OPAP, which was fully privatized in 2013, offers sports betting and lotteries through a network of about 5,750 outlets in Greece and Cyprus via a revenue-sharing scheme with agents, Reuters reported.
The company has been investing in new products and the upgrade of its outlets and launched a new business of video lottery terminals (VLTs) last year, which it sees as a catalyst for future growth.
Gross gaming revenues rose 5.3 percent to 358.9 million euros, with robust performance in its lottery operations more than offsetting weakness in sports betting. ($1 = 0.8930 euros).
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