OPAP net profit down 20%
Operator close to launch of live betting and remains committed to Hellenic Lotteries tender bid.
Greek monopoly operator OPAP has seen revenues and net profit continue to slide as the financial situation in its home country shows few signs of improvement, the company has revealed in its results for the three months ended 31 March
Chairman and CEO Ioannis Spanoudakis described the results as “resilient” considering the 6.2% drop in Greek GDP in Q1, but said: “OPAP will continue to pursue the execution of its growth strategy [including] live betting introduction (Euro 2012).”
OPAP is due to move online for the first time later this year once it chooses a joint venture partner. Those in contention for the contract include Playtech, GTECH G2 and Intralot, with the partner due to provide marketing and technology services. It is unclear whether this partnership would cover the live betting launch, with Euro 2012 set to start on 8 June.
Net profit was down 20.9% year-on-year to 131.9m while first-quarter revenues of 1.07bn represent a 5% decline on the corresponding period in 2011.
Sports betting revenues dipped 2.2% while the remaining products, of which Keno is the most popular, experienced a 6.8% decline.
Spanoudakis also cites the ongoing Hellenic Lotteries tender, where a consortium comprising OPAP, Intralot, Lottomatica and Scientific Games is among the parties in contention for a 12-year lottery licence in Greece. The tender for the licence progressed to its second phase in March.