Greek gaming monopoly reports revenue rise
Video lottery terminals and betting products helped OPAP report a strong performance in the third quarter.
Greece.- Greece-based OPAP revealed this week its third quarter results, in which the gambling monopoly totaled a 64 percent increase in net profit, driven by the roll out of video lottery terminals (VLTs) and betting products.
The fifth-biggest betting firm by revenues in Europe, OPAP, revealed that net profit during the three month period was US$56.5 million, almost the double than it was reported last year. The company revealed that it reversed litigation provisions after a series of rulings in its favor made then unnecessary and boosted third quarter profit by US$17.4 million between June and September.
The company that was sold by the state four years ago had 5297 VLTs working at the end of September, and helped increase gross revenues by 12 percent to US$422 in the three month period.
Earlier this week, the parliament from Greece passed a law that would reduce the number of VLTs allowed in the country from 25k to 35k by the end of 2019. Nevertheless, OPAP signed an agreement with Inspired Entertainment to receive an additional 1400 VLTs during the first quarter of 2018.
The additional 1400 cabinets will bring the total number of Inspired machines in OPAP’s network to 5360. “As the exclusive operator of VLTs in Greece, OPAP always seeks to cooperate with the industry’s leading providers of modern gaming technology and solutions,” said Damian Cope, OPAP CEO. “We are driven to offer our customers the highest quality of innovative gaming products and pleased to be extending our existing cooperation together.”
