iGaming Business – Greek gambling monopoly OPAP has reported a massive 73.9% year-on-year fall in net profit to €67.3 million ($89 million) from €258 million for the first half of 2013.
Revenue fell by 15.1% from €2.055 billion to €1.744 billion, with OPAP citing chronic financial problems in Greece and one-off factors for the results.
Between the start of January and the end of June, sportsbetting declined by 26.9% to €605.9 million, while numbers games operated by OPAP fell by 7.1% to €1.138 billion.
Earlier this month, the Greek government’s Hellenic Republic Assets Development Fund (HRADF) agency finalised a deal to sell its 33% stake in OPAP to Czech-led private equity consortium Emma Delta for €652 million.
In acquiring the stake, Emma Delta secured the rights to operate 13 games of chance on an exclusive basis until 2030 in addition to a 10-year authorisation for the running of the nation’s 35,000 video lottery terminals.
