OPAP sees its Q3 revenue decline slightly but net profit up

By Iqbal Johal

OPAP has seen its revenue decline by 1% year-on-year for Q3 2020 as it begins its recovery towards “business normality” after being impacted by the coronavirus pandemic.

The Greek operator’s gross gaming revenue (GGR) for the period until 30 September was down to €391m ($465.5m), although EBITDA was up by 2% to €105m.

While gross profit from gaming operations decreased by 4% to €147.1m, net profit rose 8% up to €52.8m for the quarter.

With the football calendar in Europe returning to some normality after being suspended in mid-March, sports betting revenue increased 14% from 2019 to €104.6m for Q3.

Lottery revenue remained the operator’s main source of income but fell 9% down to €179.1m, while video lottery terminal revenue rose 10% to €80.1m.

In terms of year-to-date, GGR was 23% lower than 2019 at €898.9m with the operator citing the impact of the pandemic on its lottery and sports betting verticals. As a result, lottery revenue fell 24% for the first nine months of the year down to €436.6m, while sports betting revenue dropped 18% to €233.1m.

EBITDA decreased by 26% to €207.6m compared to the same period last year, while net profit dropped 48% to €73.2m. However, the operator mentioned that “well-timed cost containment actions during lockdown” led to a 6% decrease in operating expenses, down to €182.5m for the year so far.

OPAP acting CEO Jan Karas, said: “Our Q3 results demonstrate our ability to ensure operational readiness during unfortunate times and deliver healthy results upon the lift of lockdown measures.

“We remain confident in our ability to face future challenges and deliver positive results.”

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