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OPAP’s disappointing third quarter results

OPAP SA, an iGaming Greek monopoly has released their financial results for the third quarter that showed a disappointing 16% decrease in net profits to €135.4 million when compared to the same period of last year.

Reuters, an iGaming news service reported that austerity-hit Greeks have spurned gambling in the wake of their economy nose-diving over the summer, which led to OPAP’s drop in profits in their third quarter results.

Reuters also reported that the Greek people aren’t like others, where they would turn into lottery as a last resort to get money. Instead, the Greeks are gambling less after being struck by wage cuts and taxes.

OPAP stated that their retail sales, when adjusted for inflation dropped by 25% since 2008, their strong point and their overall sales decreased by 20% ever since 2008. OPAP also reported that they also suffered an 11.4% drop in overall sales to €1.01 billion over the same time last year. According to OPAP, the reason behind this drop was because the people turned their backs on their 2 flagship games which are Stihima and Kino which were about 85% of OPAP’s total revenues.

The turnover from Stihima, an iGaming sportsbetting game decreased by 20.3% to €346 million over last year, while those for Kino, an iGaming lottery game fell by 14.4% to €516 million when compared to last year.

Kyriakos Toptsidis, OPAP’s head of sales agents stated that “what they say about poverty boosting gambling is a myth. When people do not have enough to eat, they do not buy lottery tickets. They may not stop altogether but they cut down.”

“People are still coming to gamble but they are placing one or two-Euro bets instead of five or ten as they did before.”

While an unidentified OPAP official quoted by Reuters stated that “our sales drop is certainly lower than other retail sectors like electronics and clothing but actual revenue growth is impossible in such tough times.”

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