Opap Profits Drop 3.3 Percent

OPAP PROFITS DROP 3.3 PERCENT

21st March, 2011 at 13:39:34
Source: http://www.azonlinecasinos.com

Revenues fall 5.5 percent

The Greek gambling monopoly OPAP has posted a mediocre 2010 set of results, reporting that net profits dropped 3.5% when compared to 2009, and revenues declined 5.5 percent.

Despite the declines, the company still produced net profits of Euro 575.8 million on revenues of Euro 5.14 billion for its shareholders, with management reporting cost cuts of 20.7% compared to 2009.

Chief executive Ioannis Spanoudakis said: "We are satisfied with the performance of our company in 2010. We managed to sustain high levels of profitability despite the adverse macroeconomic conditions and the increased competition. We set targets to increase efficiencies and productivity in 2010 and exceeded them by a high margin.

"Given our strong financial position, we remain optimistic for 2011 in view of the imminent reform and regulation of the Greek gaming market, the expansion of our product range with the new forms of gaming such as monitor games and live betting and the enhancement of our distribution channels taking advantage of new technologies and equipment."

Spanoudakis said the company's strategy remained focused on growth.

Related News Tags:



« News index »



LAND CASINO INVESTOR BUYS MOBILE APP COMPANY

20th March, 2017 at 07:18:24
Is Amax planning on expanding its land asset?

OPAP UPGRADE CORE SERVICES

01st February, 2017 at 22:05:07
With Playtech, BetGenius and Novomatic.

CYPRUS AUTHORITIES TURNING UP THE HEAT ON INTERNET GAMBLING

29th November, 2016 at 06:40:03
National Betting Authority reports that around 2,500 illegal gambling websites are currently being ISP-blocked.

PMU AND HELLAS IN HORSE RACING POOL BETTING JV

28th November, 2016 at 14:03:47
Joint venture betting offer on French horse races.

BETRADAR SCORES OPAP DEAL

24th October, 2016 at 09:12:01
Sports betting data and analytics provider to supply major Greek online and land betting group.