Published
Land-BasedFinancial

OPAP releases impressive Q1 2018 results

European gambling giant OPAP has released its Q1 2018 financial performance report which revealed that the company’s revenues increased by 5.1% year-on-year, during a successful period for the operator.

opap

Athens-based OPAP reported total revenue of €377.3m ($440m) from 1 January to March 31 2018. The increase of 5.1% was mainly attributed to the increased contributions made by video lottery terminals (VLTs).

The increase in OPAP’s revenue helped gross profit to also increase albeit at a slightly slower rate of 4.9% year-on-year reaching €147.9m.

The good news keeps on coming for OPAP who also saw its EBITDA rise by an impressive 11.1% up to €87.2m which the company accredited to ‘ongoing control across all cost lines’.

The main source of increased revenue was from VLTs which reached €43.4m in Q1 2018 vs. €1.9m in Q1 2017. The installed number of VLTs also increased reaching a total of 11,519.

However, there were some negative statistics for OPAP including a 15.4% decline to its largest source of revenue, the lottery. Revenue from the lottery reached just €188.7m in Q1 2018 from €223.1m in Q1 2017. These figures were blamed on less favourable jackpot rollovers.

Discussing the results OPAP’s 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.

“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.”

Premium+ Connections
 
Premium

RISK

 
Premium

GammaStack

 
Premium

PIN-UP Partners

 
Premium

Sport Generate

 
 
Premium

1xBet Partners

 
Premium

Imagine Live

 
Premium

Digitain

 
Premium

Galaxsys

 
Premium

Lynon

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Esportes Gaming Brasil

Ana Carolina Luna Maçães

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...