Greece’s OPAP experiences a third-quarter renaissance

In Greece, the introduction of new video lottery terminals alongside the reversal of litigation provisions has reportedly helped giant gaming machine and lottery operator OPAP to record a 64% increase year-on-year in its third-quarter net profit to €48.1 million ($56.52 million). According to a report from the Reuters news service, OPAP is now Europe’s fifth largest gaming operator by revenues while its most recent net profit stomped on the €29.3 million ($34.38 million) it recorded for the third quarter of 2016. Previously state-owned, OPAP was fully privatized in 2013 while it launched a new video lottery terminal estate earlier in the year that numbered some 5,297 machines as of the end of September. Reuters reported that this enterprise helped the operator to lift its third-quarter gross revenues by 12% year-on-year to €357.4 million ($419.53 million) and that it has plans to have around 10,000 individual units in place come the first day of 2018. OPAP reportedly declared that it reversed previously instigated litigation provisions after several undisclosed rulings went in its favor with the move adding some €14.8 million ($17.37 million) to its third-quarter net profit. Reuters moreover reported that November 14 saw Greek legislators ratify a measure that will see the nation reduce its total video lottery terminal estate by some 10,000 units to 25,000 by 2019. However, OPAP purportedly stated that it does expect the move will impact its business while the legislation additionally extended its operating license by a further eight years.