OPAP Reports 38% Drop in First-quarter Profit

Greek lottery and betting operator OPAP has reported a 38% drop in first-quarter profit due to the closure of outlets during the coronavirus lockdown.

Net profit in the January to March period stood at 35.5 million euros ($40.3 million), down from 57.2 million in the same period a year before. Gross gaming revenue (GGR) was down 17% at 328 million euros.

OPAP had been reviewing payments to shareholders on 2019 profit because of the trading situation. The company said it will propose a dividend of 0.30 euro per share at a shareholders’ meeting later in June, on top of 1 euro a share it paid in February.

OPAP has resumed most of its operations since May 11 and the company was seeing signs of “gradual recovery” across its portfolio, it said.