OPAP net profit up by over two thirds

By David Cook
A 68% year-on-year net profit increase has been reported by OPAP, the operator which holds a monopoly over the Greek sports-betting and lottery markets, for the six months ended 30 June, up to €109.9m.

Revenues ascended 13% to €2.16bn, while gross gaming revenue (GGR) went up 13% to €697.1m.

EBITDA was €186.4m, an upturn of 29%, and net profit margin on GGR was 16%, up from 11%.

The results were published alongside a financial update for OPAP’s performance in the second quarter of 2015, which showed a 232% net profit increase to €51.9m.

GGR for Q2 went up 15% to €340.8m and EBITDA was €93.2m, up 36%.

OPAP chairman and CEO Kamil Ziegler said: “Our actions enabled OPAP to more than offset last year’s positive impact of the 2014 World Cup and report further core business growth, while at the same time increasing the tangible and recurring contribution to the Greek state revenues.”

OPAP holds exclusive rights to operate sports-betting services in Greece until 2020 and lotteries until 2030.

The Greek government sold its 33% stake in OPAP to investment group Emma Delta for €652m in 2013.

It was ruled by Greece’s Council of State last September that OPAP’s monopoly is legal.


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