OPAP posts better than expected results for Q2 2014

Greek state owned gambling operator OPAP reported improved results in the second quarter of 2014.

OPAP saw gaming revenues climb 8% to €947.3 million, as the operator posted an increase in EBITDA earnings of 50% to €68.6 million. The Greek operator, beat market forecasts which had expected a downturn in gaming revenues for OPAP.

However OPAP’s net profit dropped 44.5 percent to 15.7 million euros due largely to a 21.6 million euro retroactive tax. Excluding this tax and other one-off items, net profit rose 56 percent to 44.2 million euros, the company said.

Senior Management of OPAP stated that the operators improved performance had been driven by a 31.5% increase in sports betting wagering, which OPAP had witnessed during this summer’s Brazil World Cup.

During H1 OPAP had also integrated a new sports betting product supplied by GTECH. OPAP outlined that it would be looking to increase promotion and coverage of its sports betting vertical in the coming months.