OPAP hit by tax increase in first half

OPAP has cited the impact of higher tax rates on revenue as the main reason behind a year-on-year drop in key financial metrics during the three months through to June 30.

Net gaming revenue in the second quarter amounted to €125 million ($139.3 million), down 17.7% on the same period last year.

Earnings dropped by 26.5% to €68 million, net profit was down by 36.4% to €33 million, while total wagering turnover slipped by 2% to €1.02 billion.

The losses come after the Greek government increased OPAP’s tax rate from 30% to 35%, with OPAP noting that had the rate remained the same, it would have seen profit increase by 2.1% year-on-year in the quarter.

The rate, which was approved in May but generated since the start of the year, now applies to all online gaming operators in the country.
 
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