Greek gambling monopoly planning to offer online betting

Ioannis Spanoudakis, the chief executive of Greece's state gambling monopoly OPAP has online gambling in mind once regulators give their green light. Speaking at the presentation of the group's 2009 results, Spanoudakis said:

"Our strategic focus is to enhance and solidify OPAP's position in the domestic market in 2010 and over the coming years by further improving the quality of our existing games and the appeal of our franchise, preparing for the expansion into new activities such as video lottery terminals, scratch tickets and online sportsbetting when permitted by the regulator, actively supporting the State in its efforts to confine illegal betting and optimising OPAP's cost base and improving its operational efficiency."

The group posted a 1.4% year-on-year decrease in revenues to €5.4 billion, reporting that EBITDA fell by 8.5% when compared to 2008 to €966.8 million while net profits sank by 18.5% to €593.8 million.

Management attributed the decline to a shortage of major sporting events and the negative economic climate, but pointed out that adjusted net profits for the year dropped only five percent to €691.9 million.

Source: InfoPowa News