OPAP, Europe’s fourth-largest betting firm by revenue, on Wednesday posted a 16 percent rise in fourth-quarter net profit thanks to a growing video lottery business and cost savings.

Net profit in the October-December period stood at 38 million euros ($42.75 million), up from 33 million euros in the same period last year, OPAP said.

The figure was below analysts’ average forecast of 51.8 million euros in a Reuters poll.

OPAP said a one-off goodwill impairment of 17.5 million euros weighed on fourth-quarter net profit.

Gross gaming revenue rose 7.6 percent to 440.7 million euros, with a growing share of those machines and lotteries more than offsetting weakness in sports betting.