OPAP reveals growth despite ongoing regulatory uncertainties

Greek gambling company OPAP has reported year-on-year growth across its key financials for the 12 months through to December 31, 2015, despite having to contend with what it described as ongoing “restrictions and uncertainties” over regulation and tax.

Gross gaming revenue amounted to €1.4 billion ($1.6 billion), up 1.6% on the previous year, with wagers relatively level at €4.3 billion and payout remaining steady at 67.1%.

Net gaming revenue climbed 1.9% year-on-year to €625.3 million, with earnings before interest, tax, depreciation and amortisation (EBITDA) also up by 8.8% to €377.1 million at a margin of 26.9%.

Elsewhere, net profit increased by 8.1% to €210.7 million, with a higher margin of 15.1%, while earnings per share rose 8.1% year-on-year to €0.66.

Kamil Ziegler, chairman and chief executive of OPAP, said: “Although FY 2015 proved to be another year of substantial achievements and successful performance in all financial metrics for OPAP it was also marked by several events that have influenced the company’s operations.

“The extended bank holiday, the still applicable capital controls, the sudden and unprecedented new set of VLTs regulation and the law pertaining to the new levy on the company’s games, were critical milestones that have affected the company.

“OPAP responded promptly on the operational front by taking targeted and well planned initiatives, so as to ensure business continuity and rejuvenate our legacy games.

“On the regulatory and taxation front restrictions and uncertainties still remain, but so persist our efforts to operate in a fair and balanced environment aiming at safeguarding our company’s and agents’ network interests.”

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