Greek gambling operator OPAP has reported strong Q3 performance. According to the figures released, the gambling operator posted revenue of €393.6m (£335.2m/$433.5m) for the third quarter of 2019. The figure represents a 6.7% year-on-year increase.
The gambling operator took a total of €1.08bn worth of wagers representing a 3.4% increase from the amount wagered during the same period the previous year.
The company’s net gaming revenue for the third quarter was €265.1m, up 7.1%.OPAP paid €19.4m in tax, up 12.4%, for an overall profit of €49.0m, up 23.9%.
Earlier in September, the highest administrative court in Greece revoked the online sports betting license of lottery and betting operator, OPAP.
The decision to strip OPAP of online sports betting license though taken in July will now come into effect following the court’s order. The move to strip the lottery operator of its sports betting license is also being seen as a step forward towards the shaping of new regulations concerning the country’s online betting industry.
The operator also posted a 6.3 percent increase year-on-year increase in revenue in 2018.
The gross gaming revenue (GGR) of OPAP is up for 2018 to €1.55 billion. In 2017 the GGR was €1.46 billion. The high revenues are attributed to VLTs’ performance for the year 2018.
The company’s VLTs’ revenues shot up by over 260% in 2018. Only in the fourth quarter, the revenues were €68.4 million which for the entire year was €208.7 million. In 2017 the revenues from VLTs were less than 100 million.