Net profit plunges a third at OPAP
News on 14 Sep 2017
News on 14 Sep 2017
In its Q2-2017 report released Wednesday Greek betting and lottery operator OPAP posted a more than 33 percent y-o-y decline in net profit, attributed to increased marketing spend on new products and a fall in revenue.
Highlights of the report included:
* Revenue down 2.5 percent at Euro 330 million;
* Earnings down almost 24 percent at Euro 52 million;
* Lottery revenue down 8.4 percent to Euro 190 million due to unfavourable jackpot rollovers in OPAP’s Joker product;
* Net profit down 33.7 percent at Euro 22 million.
CEO Damian Cope said that the group’s digital presence is being enhanced by a new online sports betting platform provided by BetGenius, and revealed that new online and mobile products will probably be launched before the end of 2017, supported by a strong and multi-layered marketing campaign.
