OEG reveals full-year revenue growth, opens Malta company

Olympic Entertainment Group (OEG) has reported year-on-year revenue growth across the majority of its European businesses for the 12 months to December 31, 2016.

Total gaming revenue for the year came in at €174.5 million ($185.1 million), up 12.6% on the €154.9 million posted at the end of the previous 12-month period.

The firm’s Latvian operations were the main source of income, generating €60.6 million in revenue, 17.7% more than last year, while Malta enjoyed the largest growth spurt, after revenue rocketed 3,752% year-on-year to €11 million.

Belarus proved to be the country in which OEG struggled the most last year, with revenue dropping 76.8% to €200,000, although the national market represents the smallest portion of overall revenue.

In addition, revenue in Poland dropped 43.8% to €13.3 million. OEG recently revealed that its subsidiary in the country has filed for bankruptcy.

Meanwhile, OEG has confirmed that it has established a new company in Malta.

Olybet Malta Limited will operate as a subsidiary of OEG, with the parent firm to own 100% of the shares in the new operation.

In a statement, OEG said: “The aim of establishing the subsidiary is to develop the legal platform for the expansion of OEG group's activities in the business of remote gambling.

“The establishment of this subsidiary has no direct influence on the economic activities of OEG Group; the members of the management and supervisory boards of OEG have no personal interest in the establishment of the subsidiary.”

Related article: OEG Polish subsidiary files for bankruptcy