VLT upgrades see Greek OPAP ride out tough Q3 trading

Publishing its latest Q3 2018 trading statement, Athens-listed lottery and gambling group OPAP SA reports growth despite being impacted by unfavourable sporting results alongside Greek macroeconomic adjustments.

An enhanced OPAP group withstands declines in 2018 wagering activities, as the firm maintains a positive gross-gaming-revenue (GGR) contribution of Q3 2018 – €369 million (+3.2%) running alongside a year-to-date GGR of €1.106 billion (+6%).

Updating investors, OPAP governance details that it day-to-day operations have been strengthened by the effective upgrade to its retail VLTs and systems carried out in early 2018.

The terminal upgrades would see OPAP record period gross profits of €146 million up 5% on Q3 2017: €139 m, maintaining a YTD gross profits return of €434 million (YTD 2017: €408 m).

Despite the improved profits results, OPAP Q3 2018 trading was impacted by lower sportsbook earnings following a series of customer-friendly results and a lower take-up of its instant lottery products.

Closing its Q3 2018 trading, OPAP declares 6% EBITDA decline to €87 million (Q3 2017: €93 m), with YTD EBITDA attributed to €244 million (YTD 2017: €223 m).

Damian Cope Group Chief Executive of OPAP SA, detailed that the results were encouraging as the legacy Greek gambling operator initiatives its 2020 vision directive, outlined in 2018.

“Our Q3 performance confirms OPAP’s steady progress in the delivery of our 2020 Vision. Despite some unfavourable sports results, including the World Cup Final match itself, and the ongoing macroeconomic challenges, the OPAP team delivered strong like-for-like EBITDA growth, plus year on year revenue growth for the 5th quarter in a row.

During Q4, we have further enhanced our retail offering with new products in our Numerics and Betting categories, both of which have been well received by our customers. In addition, our new online betting platform is now live and we are finalising development plans for a busy 2019 ahead.”

OPAP – Q3 2018 – Performance Overview