Greece – OPAP revenue hit by 34.8 per cent by pandemic’s disruptionBy Phil - 11 September 2020
Greek operator OPAP saw its revenues fall by 34.8 per cent year-on-year in the first half of the year due to the CVID-19-related closures.
Revenue for the six months to 30 June dropped to €507.9m with lottery revenue falling by 32 per cent to €257.5m. Sports betting dropped by 33.1 per cent to €128.4m, whilst Video lottery terminal (VLT) revenue dropped by 36.8 per cent to €88.4m.
OPAP acting Chief Executive Jan Karas said: “2020 has been an extremely demanding year so far, with the coronavirus pandemic leading to unprecedented challenges for both businesses and society. The decisive and prompt actions taken by OPAP to mitigate the pandemic’s impact for all of its stakeholders have been reflected in the company’s financial results, which were once more sound, as well as in its evolving socioeconomic footprint.”
“When it comes to the financials, Q2 moved alongside our demanding expectations, leading to cash generation even during the harshest of times,” he added. “Going forward, initiatives such as the constant enhancement of our online offering, prompt cost control actions, the swift adaptation to a new working norm, and the ongoing support of our network and our social stakeholders remain at the forefront of our attention.
“Undoubtedly, there will be additional hurdles on the road to recovery, but we are confident that we are well positioned to face any challenges.”