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OPAP reports £170m profit despite pandemic setbacks

The Greek Organisation of Football Prognostics (OPAP) has announced it profited €199.4m (£170.0m) in a 2020 annual report.

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The regulator saw its gross gaming revenue (GGR) and net gaming revenue (NGR) drop to €1.12bn and €737m respectively, a decline of 30% and 32% from 2019.

Even though revenue declined, the company profited €199.4m, which represents only a 1% decline from 2019.

The group said that the pandemic “significantly impacted the Group’s financial results and operational performance” due to closures in retail.

However, the company was slightly helped due to its online activities and deals. By having stakes in Kaizen Gaming Limited and Stoiximan business, OPAP was able to enhance its online offering.

The group achieved a GGR of €42.0m for online betting and €23.9m for other online games. But lottery was its main source of income, where it gained GGR of €518.6m and a NGR of €551.4m.

The company said: “Despite the coronavirus impact, the group maintains a strong financial position. OPAP has implemented a number of measures to ensure normal operations that will also safeguard a quick ramp‐up of the business once limitations will be released and stores will re‐open.”

OPAP says its management team will closely monitor developments around the pandemic.

It says its ambition is to boost its global online presence and utilise online gambling to strengthen its finances. It aims to continue enhancing its lottery offering and explores opportunities in other areas like social networking and virtual reality.

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