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UPDATE 1-OPAP Q1 net profit down 8.7 percent on new business costs
June 12, 2017 / 3:39 PM / 6 months ago

UPDATE 1-OPAP Q1 net profit down 8.7 percent on new business costs

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ATHENS, June 12 (Reuters) - Greek-based OPAP, Europe’s fourth-biggest betting firm, reported an 8.7 percent drop in first-quarter net profit on Monday, hurt by costs for the roll out of a new video lottery business.

OPAP said net profit came in at 39 million euros ($43.67 million) in the first three months of the year, down from 42.8 million euros in the same period a year ago.

OPAP, which was fully privatised in 2013, offers sports betting and lotteries through a network of about 5,750 outlets in Greece and Cyprus via a revenue-sharing scheme with agents.

It has been investing in new products and the upgrade of its outlets and launched a new business of video lottery terminals (VLTs) last year, which it sees as a catalyst for future growth.

Expenses for rolling out the terminals - which will be concluded next year - and other games weighed on its bottom line, OPAP said.

Gross gaming revenues rose 5.3 percent to 358.9 million euros, with robust performance in its lottery operations more than offsetting weakness in sports betting. ($1 = 0.8930 euros) (Reporting by Angeliki Koutantou, editing by David Evans)

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