OPAP sees profits rise in Q3

The Greek operator saw profits increase on the back of reduced costs and the start of a recovery from the impact of the Covid-19 pandemic.

Greece.- Sazka’s OPAP has reported a 6.7 per cent year-on-year increase in profits for Q3 despite a slight year-on-year decline in revenue.

Gross gaming revenue for the quarter totalled €391m, down 0.7 per cent from last year.

Covid-19 restrictions on retail outlets caused lottery revenue to fall by 9.3 per cent at €179.1m but sports revenue bounced back, climbing 13.9 per cent year-on-year to €104.6m.

OPAP reduced operating expenses by 3.8 per cent to €57.7m. Net profit reached €52.3m.

OPAP chief executive Jan Karas said: “Our performance came close to last year’s levels, aided by increased sportsbook activity in Q3 and ongoing growth of online and VLTs, which counterbalanced a drop in lottery and instant and passives.

“At the same time, our effort to tap the markets was a remarkable success demonstrating investors’ confidence and enhancing our liquidity.”

GGR for the first nine months of the year was €898.9m, a drop of 21.4 per cent from the same period last year. Revenue was down by 31 per cent in H1. 

OPAP completed its acquisition of a 51% stake in Stoiximan Group’s Greek and Cypriot business in Q3. It has since increased its stake to 84.48 per cent.