Strengthened infrastructure delivers positive Q3 results for Greek OPAP

Publishing its Q3 2017 trading update (period ending 30 September), Greek gambling group OPAP has detailed strong gains in its betting products and video lottery terminals (VLTs) as the firm homes in on full-year corporate targets and expectations.

Updating the market, OPAP would detail group gross gaming revenues of €357 million up 12% on corresponding Q3 2016’s €319 million.

Improved group KPIs would see OPAP record Q3 2017 net gaming revenues of €148 million, leading to a period EBITDA of €93 million, representing a 49% increase on Q3 2016’s €62 million.

Closing its Q3 2017 trading, OPAP governance would declare a group operating net-profit of €48.1 million (Q3 2016: €30 million).

During H1 2017, OPAP governance announced that it would implement a €200 million infrastructure plan, in order to enhance its retail betting operations and internal management systems.

In Partnership with gambling technology firm Playtech Plc, OPAP began its new  Self-Service Betting Terminals (SSBTs) roll-out across its Greek estates.

Updating investors Damian Cope, Chief Executive of OPAP, said: “After a solid first half of the year, Q3 marked a return to meaningful growth in both revenues and profitability for OPAP.

“This growth was primarily driven by a strong performance from our portfolio of betting products, including SSBTs and Virtuals, and an increased contribution from VLTs.

“We continue to invest heavily in our products, our technology and our people in the delivery of our ‘2020 Vision’ and further progress has been made in each of our eight strategic objectives.

“These results are already demonstrating the early benefits of these investments and are also a testament to the hard work and contributions from everyone in the OPAP team, both our employees and our agents.

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