OPAP Q3 bounce back hurt by continued lottery declines

Greek OPAP reports 19% revenue increase for Q3 2014 performance

opapGreek gambling and sports betting operator OPAP reported a 19.1% €1.1 billion revenue increase for its Q3 2014 performance (Q3 2013 – €898 milion).

The operator was able to secure an improved net profit performance of 25.9% €55.9 million (2013 Q3 €44.4 million).

The operator stated that its increase in revenues and profit performance had been driven by improved player activity of its Hellenic Lotteries business and Stihima sports betting operations.

The operator reported a gross gaming revenue increase of 17.9% from €293.2 million last year to €345.6, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 33.1% from €70.8 million to €94.2 million.

Its Q3 performance places OPAP’s revenue for the nine months through to September 30 at just under €3 billion, a 12.9% increase from the €2.6 billion posted at the same point last year.

Kamil Ziegler, Chief Executive of OPAP, commented on corporate performance: “Q3 2014 was marked by another consecutive increase of our top line, providing with further evidence of stabilisation.

“New products’ introduction along with legacy games rejuvenation is driving our performance; to prove that, scratch tickets, continue to be well perceived by the punters, while Stihima revenues rose for yet another quarter.

“Going forward, we remain cautiously confident for the future and focus our efforts on the timely execution of our plan so as to conclude the rollout of 16,500 VLTs by the end of 2015.”

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