OPAP sees revenue fall 47% to €174m in first quarter

Finance News

OPAP, Europe’s fourth-biggest betting business, reported a 47% drop in first quarter gaming revenue o €174.2m due to the closure of outlets during the coronavirus lockdown in Greece and Cyprus.

Gross Profit (from gaming operations) in Q1’21 down by 38.2% at €75.6m (Q1 2020: €122.4m) due to revenues’ drop and Hellenic Lotteries’ disproportional GGR contribution so as to meet the minimum annual €50m contractual threshold.

EBITDA in Q1 2021 lower by 29.0% at €61.3m (Q1 2020: €86.4m) or 43.8% after excluding one-off income in Q1 2021.

Comment of OPAP’s CEO, Mr. Jan Karas, on the Q1 2021 results:“In the first quarter of the year, online demonstrated a record quarter achieving remarkable growth, while on the retail front, revenues were expectedly affected by the lockdown and stores’ closure
across our networks.

We are excited with both the OPAP stores re-opening on April 12th as well as the imminent VLTs activity restart. Performance wise the early signs are particularly encouraging for retail while at the same time our online business remains strong. Going forward, we remain committed to provide prime services to the clients across all channels setting the ground to offer a top class customer experience in the forthcoming large betting events like the UEFA Euro 2020.”