OPAP net profit soars

By David Cook
Greek operator OPAP has reported a net profit increase of 38.2% for the full year 2014.

OPAP’s full year financial results were released today (Monday), showing that net profit was up to €195m from €141.1m in 2013.

The net profit figures were boosted by a 158.5% hike in the fourth quarter from €29.4m to €76m.

Revenues increased by 14.8% from €3.71bn to €4.26bn, while revenues for Q4 were up 19.5% year-on-year from €1.07bn to €1.28bn.

Gross gaming revenue was reported at €1.38bn, up 12.9% from €1.22bn.

EBITDA rose 56.3% to €346.5m from €221.7m, which was also helped by a strong Q4, as the total of €107.4m was up 125.6% from €47.6m.

OPAP holds a monopoly on the Greek gambling market and was part-owned by the Greek government, which sold its 33% stake in OPAP for €652m in 2013 to investment group Emma Delta.

Greece’s Council of State ruled in September that OPAP’s monopoly is legal and that the government had brought it in line with EU edicts, following a ruling from Europe’s highest court in 2013 that the monopoly was illegal, though Greek authorities were told they may not have to open up the sector if reforms were implemented.

OPAP holds the exclusive right to offer sports betting in Greece until 2020 and lotteries until 2030.

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