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OPAP first-quarter profit rise, new video lotteries help

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7 years ago

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Greece-based OPAP on Wednesday posted a 20 per cent rise in first-quarter net profit, helped by its new video lottery business and lower taxation.

OPAP, Europe’s fifth-biggest betting firm by revenue, said net profit in the January-to-March period stood at 39.9 million euros, up from 33.2 million euros in the same period last year.

OPAP, which was sold by the state in 2013, launched a new business for video lottery terminals last year, which is seen as a key growth driver in coming years.

It said it operated 11,519 terminals at the end of March and still aimed for a total of about 20,000 machines in place by the end of the year.

This and increased sport betting more than offset a weak lottery business, boosting gross gaming revenue, which rose 5 percent to 377.3 million euros.

Source: Reuters

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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