OPAP the Greek gambling giant with exclusive rights to organize and manage numerical lotteries and sports betting games in Greece has 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.
KINO performance also added to the overall gain in the revenues. However, the revenues from the lottery operations declined by 4.7 percent year on year to €779 million.
Damian Cope, CEO, OPAP, said “We are now operating over 350 dedicated Gaming Halls and remain on track to install all 25,000 machines by the end of 2019 as planned. Online we re-launched OPAP’s own sportsbook and we also made a strategically important investment in Stoiximan Group, and via both paths we believe we will be able to rapidly grow our presence online.”
With headquarters in Athens, Greece, OPAP was previously a state-owned public company. It was only in 2013 that the company was privatized and the stakes were sold to private entities. Emma Delta a private equity firm had acquired the 33% stakes in the company as a part of the privatization drive.