OPAP making gains

News on 28 Nov 2018

Greek gaming giant OPAP S.A. reported a 5.8 percent increase in gross gaming revenues in its consolidated financial results for the nine month period ended September 30, 2018.

Growth was negatively impacted by unfavourable sporting results in the third quarter but offset by a strong performance from the VLT sector.

Key performance highlights include:

Gross Gaming Revenues (GGR) up 5.8 percent at Euro 1,106.3 million (9M 2017: Euro 1,045.8 million).

Gross Profit (from gaming operations) grew 6.3 percent to reach Euro 434 million (9M 2017: Euro 408.2 million).

EBITDA increased by 9.4 percent to Euro 244.6 million (9M 2017: Euro 223.5 million) despite a 6.1 percent decline in the third quarter.

Net Profit stood at Euro 105.2 million (9M 2017: Euro 93.2 million) higher by 12.8 percent.

Strong financial position, with Net Debt at Euro 462.3 million, and Net Debt/EBITDA ratio of 1.4 times.

By Sector in terms of GGR in the nine months ending September 30, 2018:

Lottery declined 7.5 percent to reach Euro 561 million in GGR (9M 2017: Euro 606.8 million) and now counts for 50.7 percent of total GGR (9M 2017: 58 percent).

Betting declined 0.4 percent to Euro 299.8 million (9M 2017: Euro 300.9 million). Betting accounts for 27.1 percent of total GGR (9M 2017: 28.8 percent).

Instant and Passives declined 6.4 percent to Euro 105 million (9M 2017: Euro 112 million).  This sector accounts for 9.5 percent of total GGR (9M 2017: 10.7 percent).

VLT installations reached 140,223 (9M 2017: 25,652).

Key developments during the period included a total of 16,043 VLTs and 4,016 SSBTs installed by end of September 2018, the launch of a new online sports betting platform at pamestoixima.gr and a sports betting app ‘OPAPP’, as well as the introduction of new features on key games: KINO side bets & Virtual Sports Matchday.

OPAP CEO, Damian Cope, said: “As we approach the seasonally busiest period of the year we remain confident in meeting both our own expectations and the long-term ambition of establishing OPAP as a world class gaming entertainment company.”

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