OPAP revenue down 17.1% in Q1

Greek operator OPAP said revenues and profits were down by double figures because of the shutdown of its retail network as a result of Covid-19.

Greece.- OPAP has reported total revenue €328.3million for the three months ending March 31, a drop of 17.1 per cent on the same period in 2019.

Players wagered a total of €885.1million across the operator’s products, a drop of 18.3 per cent from €1.1billion in the first quarter of last year.

Lottery remained OPAP’s main source of income, bringing in €154.5million, down 19.4 per cent, while sports betting revenue dropped 13.5 per cent to €88million.

Video lottery terminal (VLT) revenue fell by 3.4 per cent to €66.6million, and instant and passive games saw a decline of 43 per cent to €19.2million.

The operator put the fall down to the Covid-19 lockdown, noting that revenue had been up by 1.7 per cent year-on-year up until venues were closed on March 14. 

OPAP’s stores in Greece were closed for 58 days, from March 14 March to May 11.

Lottery revenue was actually down slightly (-0.8 per cent) during the period prior to lockdown, but revenue from sports betting had increased by 3.2 per cent and VLT revenue by 21.5 per cent. 

The company cut costs, including marketing costs and operating expenses during the lockdown period, but still operating profit for Q1 was down by 30.8 per cent year-on-year to €59.3million.

OPAP acting CEO Jan Karas said: “We reported an overall solid set of results by putting promptly into effect our business continuity plan, achieving material cost savings and enhancing liquidity.

“During this exceptional period, our focus and preparatory work related to online, started paying off; we delivered strong customer growth, while significantly improving our online product offering through the launch of virtual and casino games.”