OPAP Q4 profit plunges

Business News

Greece-based OPAP has posted a 69 percent drop in fourth-quarter net profit, hurt by costs related to its video lottery business.

OPAP, Europe’s fifth-biggest betting firm by revenue, said net profit in the October-to-December period was 17.2 million euros ($21.31 million), down from 55.1 million euros in the same period in 2016.

Total operating expenses rose 10.4 percent in the final quarter of 2017 to 53.17 million euros.

A one-off expense of 22.8 million euros related to a change of the amortisation method for the video lottery licence also weighed on results.

OPAP has already paid out 0.80 euros a share to shareholders. On Tuesday, it said it will pay a further 0.30 euros a share, bringing the total dividend payout for 2017 to 1.1 euros a share.

It had paid 0.72 euros a share on 2016 profit.

OPAP, which is also upgrading its core gaming platforms, said online sports betting is expected to resume before the summer World Cup.