Greek OPAP growth despite tax bill

greek greece 2iGaming Business – Greek gambling monopoly OPAP has reported better-than-expected results in the second quarter despite having been hit by a retroactive tax bill of €21.6 million ($28.5 million) in the period.

The bill dates back to the 2010 fiscal year in which the firm had amounted tax charges of €29.6 million, with the operator having only paid €9 million of the total bill so far.

After agreeing a deal with the Greek government to delay payment of the remaining balance until the second quarter of this year, OPAP must now complete full payment by the end of the quarter.

As a result of this tax hit, OPAP recorded a drop in net profit, which fell 44.5% to €15.7 million.

However, it was able to post growth elsewhere after recording earnings before interest, tax, depreciation and amortisation (EBITDA) of €68.6 million, which is up 50% on the amount recorded in same period last year.

FULL STORY

Related Stories from This Week in Gambling:

  • Greek Financial Crisis Could Cost IGT & Scientific Games Millions At first glance, it appeared the Greece financial crisis had dipped into the country’s lottery network. Instead, the Greek company that operates the nation’s lottery implemented what one analyst called “a hard-nosed negotiation tactic” to extract more favorable contract terms after […]
  • OPAP profit hit by new gaming tax laws iGaming Business - Greek gambling monopoly OPAP has cited the introduction of a new gross gaming revenue tax in the country as the reason behind a significant drop in net profit during the 12 months to December 31, 2013. The new 30% tax on gross gaming revenue for companies in Greece […]
  • Greece’s OPAP predicts strong revenue growth in 2014 Ekathimerini - Greek gambling monopoly OPAP, one of Europe’s biggest betting firms, said it expected revenue to grow by a double-digit percentage this year, thanks to the planned launch of new games. The forecast was included in a presentation released on Wednesday, a day after the […]