OPAP Sees Revenues Rise, Profits Fall

Greek betting monopoly OPAP has posted their full year 2017 financial results, revealing that revenues were up but net profits were down.

Key financial indicators for the full year ending December 31st, 2017 were:

  • Net profits down 25% to €126 million
  • Gross Gaming Revenues up 4% to €1.45 billion
  • Gross Profit from Gaming Operations up 3.5% to €564.7 million

The company also saw a 69% drop in net profits for the fourth quarter to €17.2 million

Commenting on the results OPAP CEO Damian Cope said, "2017 was a particularly busy year in terms of the overall level of change that OPAP underwent."

"Beginning with the new partnership agreement that we signed with our agents in Q1 we managed to successfully implement a number of new initiatives that will each act as solid foundations for the long-term benefit of the company and ensure the delivery of our 2020 Vision."

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29 March 2018 - 7:04pm

I wonder how there's a growth in revenues but in the same time the net profits are down with the huge 25%, I guess there's a logical explanation for that but anyway...I'm not going to worry too much about a company which is practically a monopolist in their particular country.