OPAP profits hit by rising costs in 2017

OPAP saw profits dive in the 2017 financial year as increased revenue was impacted by rising operating costs, new games and long-term investments.

The Athens-based firm saw net profit fall by 25% despite gross gaming revenue increasing by 4% to €1.45bn ($1.78bn).

Net profit was down to €126m, while gross profit from gaming operations was up 3.5% to €564.7m.

However, costs changed significantly because of changes to agreements with agents, the introduction of over 10,000 video lottery terminals and commitments to socially responsibility.

OPAP also saw a 69% drop in fourth-quarter net profit to €17.2m, hurt by higher costs for the deployment of new games.

OPAP chief executive Damian Cope said: “2017 was a particularly busy year in terms of the overall level of change that OPAP underwent.

“Beginning with the new partnership agreement that we signed with our agents in Q1 we managed to successfully implement a number of new initiatives that will each act as solid foundations for the long–term benefit of the company and ensure the delivery of our 2020 Vision.”

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