OPAP SA reports solid success in its business, with headline growth despite severe COVID-19 challenges in its lottery and VLT units.
OPAP group revenues for the first half of the year (ending 30 June) were €570 million, up 12 percent from the same period in 2020, when they were €507 million.
The full consolidation of the Stoiximan brand enabled OPAP improve its betting revenues to €214 million in H1 2020 (H1 2020: €127 million).
Sports betting development helped OPAP offset dismal trading results in its flagship lottery division, which saw sales drop by 27 percent to €187 million (H1 2020: €257 million).
In comparison to 2020, the lottery unit was required to observe a stricter Greek winter lockdown, with OPAP being forced to close more retail stores.
OPAP VLT’s performance dropped by 59 percent to €39 million in the first half of 2020 (H1 2020: €81 million), as the firm claimed that five of its six functioning venues had closed.
OPAP’s combined unit performance achieved group income of €248 million, up 30 percent from 2020 results of €191 million, despite considerable period headwinds.
The group’s success was bolstered by a €100 income attributable to a concession extension and the contribution of Stoiximan assets, which helped OPAP grow Hi EBITDA by 100 percent to €204 million.
OPAP reported €140 million in cash flow from operational activities in H1 trading, with group revenues of €82 million (H12020: €20 million).
Jan Karas, CEO of OPAP Group, commenting on H1 trade said: “Despite the COVID-19 restrictions still in place, we have successfully managed to attract customers back to our stores, thanks to our comprehensive commercial plan and constant focus on providing world-class gaming entertainment. This approach supports the recovery and sustainability of our partners’ business.”
“Overall, OPAP deploys a unique business model constantly developing and delivering services to better meet our customers’ expectations. Looking forward, we remain committed to expand our online presence, digitalize the retail experience and evolve the brand and product portfolio so as to attract new audiences and further reactivate existing ones.”