Athens-based gambling company, OPAP has published exceptional financial reports for Q1 2018, revealing an increase of revenues by 5.1%. Further insights discovered that the European operator not only had a successful period from January 1st to March 31st, due to contributions made by video lottery terminals, but also managed to earn a whopping €377.3 million, or $440 million respectively. The increment helped the company to fix a slightly lower rate of 4.9%, which previously acquired €147.9m.
However, the gambling giant from Greece also succeeded in raising its EBITDA by an extraordinary 11.1% reaching as much as €87.2 million. OPAP accredited a recent increase to an open-ended control of cost lines and stated that the installed number of VLTs, in the meantime, reached an admirable quantity of 11,519. In Q1 2017, the group earned €1.9m from VLTs, which represents an enormous financial leap in just one calendar year.
Despite positive financial results, the operator also recorded negative statistics, as lottery revenues dropped an entire 15.4%, even though they represent the company’s largest source of income. OPAP earned merely €188.7 million in Q1 2018 in contrast to last year’s €223.1m. Apparently, the reason for that is a smaller number of jackpot rollovers…
Damian Cope, OPAP’s CEO, said that the group demonstrated astounding growth potentials, measured not only in revenues but profitability and investments as well. The company’s betting and video lottery services provide outstanding results, thanks to exquisite relationships with agents, who also helped in realizing the giant’s goals. Cope added that busy months lie ahead, referring to the upcoming World Cup in Russia, as well as meeting all objects before 2020.