OPAP’s new online sportsbook just weeks away as H1 profits soar

Greek betting and lottery operator OPAP saw its profits jump nearly one-third in the first half of 2018 thanks to the FIFA World Cup, new gambling products and less onerous corporate taxation.

On Wednesday, OPAP reported its revenue rising 7% year-on-year to €737.5m in the six months ending June 30, while gross profit also rose 7% to €288m. But earnings jumped 20.5% to €167.4m and net profit spiked 33% to €66m.

The positive trends were even more evident in OPAP’s Q2 figures, with revenue up 9.3% to €360m, gross profit up 9% to €140m, earnings up 34.6% to €70.2m and net profit up a whopping 58.8% to €26.2m.

The gains were attributed to OPAP’s ongoing rollout of its allotment of 25k video lottery terminals (VLTs). The company had installed 13,775 VLTs by the end of Q2, roughly 2,250 more than at the end of Q1. VLT revenue totaled €89.4m in H1, up from just €9.4m in the same period last year.