Greece's gaming monopoly OPAP has released their first quarter 2018 financial results, revealing that revenues were up for the period.
Key financial indicators for the period ending March 31st, 2018 were:
- Gross gaming revenues of €377.3 million, up 5.1% from the year prior
- Net gaming revenues up 5.9% to €253.1 million
- Money wagered of €1.08 billion, up 2% from the year before
- Gross profits up 4.9% to €147.9 million
- Net profit up 20% to €39.9 million
- EBITDA up 11.1% to €87.2 million
Commenting on the results OPAP CEO Damian Cope said, "Q1 was a strong quarter and demonstrated good growth in both revenues and profitability, as OPAP benefited from many of the investments made in 2017.
"Both our betting and VLT categories performed well and the new relationship with our agents also helped to realise tangible improvements.
"We continue to invest in the optimisation and modernisation of our retail estate network, with several hundred new OPAP stores opening during 2018.
"Our comprehensive technology transformation programme is also approaching the final phase as we plan for the completion of all our main retail platform migrations, plus our new online platform, by the end of Q3.
"The rollout of our new products, notably VLTs and SSBTs, continues at pace and is helping to build a more balanced product portfolio.
"However externally we still see that the macroeconomic challenges in Greece continue to affect the disposable income of our many loyal customers."
"Looking ahead, we have a particularly busy few months in front of us, including the World Cup in Russia next month, and the OPAP team remains focused on meeting our objectives within the delivery of our 2020 Vision."