OPAP reports third quarter profit increase

The Greek gambling monopoly increased profits in Q3 and said the performance was driven by video lottery.

Greece.- OPAP, the gambling monopoly from Greece, reported that during the third quarter of the year, ended September 30, net profit increased 18.5%, helped by the company’s growing video lottery business.

The company, which is Europe’s fifth-biggest betting firm when it comes to revenues, detailed that net profit from July to September was €39 million, approximately €33 million more than was reported during the same period in 2017. The numbers were similar to those analysts had predicted.

Moreover, gross gaming revenue (GGR) experienced a 3% rise to €368.9 million, and the growth from machines was bigger than the loss from established games. The company also said that there were 16,000 video lottery terminals operating September, with more than 3,000 planned to be added by the end of the year.

OPAP was sold by the state in 2013 and four years later launched a new business for video lottery terminals, which is estimated to be a major force to help the company’s finances in the coming years.