OPAP first-quarter profits rise

Business News

Greece-based OPAP on Wednesday posted a 20 percent rise in first-quarter net profit, helped by its new video lottery business and lower taxation.

OPAP, which was sold by the state in 2013, launched a new business for video lottery terminals last year, which is seen as a key growth driver in coming years.

It said it operated 11,519 terminals at the end of March and still aimed for a total of about 20,000 machines in place by the end of the year.

This and increased sport betting more than offset a weak lottery business, boosting gross gaming revenue, which rose 5 percent to 377.3 million euros.

OPAP, Europe’s fifth-biggest betting firm by revenue, said net profit in the January-to-March period stood at 39.9 million euros, up from 33.2 million euros in the same period last year.