OPAP Reports Increase in Profit for Q1 2019

OPAP, the Greek lottery and betting operator, has reported a 43.5% increase in first-quarter net profit due to an increase in video lottery and cost reduction.

Gross gaming revenue (GGR) for the period ended March 31 was €396 million, an increase of 5%. Lottery is still OPAP’s biggest revenue source, with an increase of 1.6% year-on-year in the first quarter to €191.7 million. Revenue from VLTs increased 58.9% to €68.9 million. On the other hand, the betting sector of the company posted a 5.3% decrease to €101.7 million.

OPAP said that these results were achieved thanks to lower overall costs in the first quarter. OPAP cut costs by almost 5% from €67.4 million in the first quarter of last year to €64.1 million in the same period this year.

“We are also maintaining our close focus on operational excellence and continue to realise improvements and efficiencies in how we manage our business,” OPAP CEO Damian Cope said.