OPAP Reveals Sales Decrease Of 34% YOY In H1

Greek lottery and sports betting company OPAP officially revealed that its sales decreased by 34.8 percent year-on-year to about €507.9 million ($601.6 million), mainly due to the effects of the coronavirus pandemic, for the six months to the end of June.

According to a study from G3Newswire, the Athens-headquartered company reported that its first-half lottery revenues fell by 32 percent year-on-year to marginally higher than €257.5 million ($305 million) as its sports betting revenues plunged by an even steeper 33.1 percent to fall around €128.4 million ($152.1 million).

G3Newswire announced that OPAP further chalked up six-month video lottery terminal sales of approximately €88.4 million ($104.7 million), leading to a decrease of 36.8 percent year-on-year, while its earnings before interest , tax , depreciation and amortisation dropped by 49.1 percent to just over €102.5 million ($121.4 million). The source also reported that June was completed by the Greek company with operating expenditures of €124.8 million ($147.7 million) and a net profit that was 77.7 percent lower at about €20.4 million ($24.1 million).

Jan Karas, Acting Chief Executive Officer of OPAP, reportedly told G3Newswire that the first half of this year was a ‘extremely demanding’ time due to the unprecedented challenges faced by the coronavirus pandemic for both businesses and society.’ The boss allegedly claimed, however, that his company had posted six-month financial results that ‘were once again sound’ due to the ‘decisive and prompt actions’ it took to minimise any downsides.

Karas said: “When it comes to the financials, the second quarter moved alongside our demanding expectations, leading to cash generation during even the harshest of times. Going forward, initiatives such as the constant enhancement of our online offering, prompt cost control actions, the swift adaptation to a new working norm and the ongoing support of our network and our social stakeholders remain at the forefront of our attention. Undoubtedly, there will be additional hurdles on the road to recovery but we are confident that we are well positioned to face any challenges.”

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.