Greek Gambling Monopoly OPAP Sees Revenue Jump

Greek gambling monopoly OPAP saw sales grow by 5.3% to €358.9m ($603.8m) for the first quarter of 2017, up from €340.7m for the same period of 2016.

Revenues for the period were €358.9 million, up from €340.7 million during the same period of 2016. EBITDA were €78.5 million, which is down 0.4% from 2016. Lottery segment was up 10.9%, while sportsbetting numbers were up 6.9%.

Speaking about the company's performance OPAP CEO Damian Cope said, "Despite the challenges of the domestic economic environment, OPAP managed to achieve meaningful Q1 GGR growth, aided by robust lottery games performance and continuing scratch tickets growth.

"At the same time our operating profitability stood marginally higher, despite the additional expenses related to the implementation of our new projects.

"Operationally, we are progressing at full speed with the delivery of our strategic priorities - virtual games have been introduced across our entire retail network with an encouraging early performance, our VLTs rollout is fully under way, our technology transformation programme is picking up pace while the new agents' commission structure has been effective since April.

"For the rest of 2017 we will continue to build on what has already been accomplished so far this year to ensure that we remain on track to achieve the delivery of our '2020 Vision'."

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bgsharpe
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14 June 2017 - 11:26pm
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Yeah I guess it's good to be a monopolist, especially in a sector like gambling where the profits are quite good anyway..even if their numbers dropping they won't be too worried I could imagine because there's just not a competition...