OPAP increases revenues in Q2

The company reported a 59% increase in profits during the second quarter of the year.

Greece.- Greek gambling monopoly company, OPAP, has reported its second-quarter financial results, which increased 59%. Europe’s fifth-biggest betting firm by revenues achieved these results due to a new video lottery business and the 2018 FIFA World Cup.

OPAP reported that net profit from April to June 2018 stood at €26.2 million, approximately €10 million up from the €16.5 million registered during the same period in 2017. The company said that it operated 13,775 terminals at the end of June and that it is set to speed up the roll-out of new terminals in the last months of the year.

The new business and increased operations from sports betting during the 2018 FIFA World Cup, which took place in June-July, rose 9% to €360 million. The company was sold by the state in 2013, and it launched a new VLTs business last year, which is expected to drive more growth for the company in the coming years.