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OPAP : 21 percent drop in its quarterly profit
03/22/2012 : Greek gambling firm's woes continue
Partially state-owned Greek gambling firm OPAP turned in disappointing quarterly figures reporting a 21 percent drop in its quarterly profit which was attributed to less gambling due to austerity measures instituted in the debt-laden country which have led to wage cuts and tax hikes.
The gambling firm will utilise retained funds, after announcing its biggest dividend cut in the past decade, to further its expansion into video lottery and online gambling.
Greece's privatisation agency the Hellenic Republic Asset Development Fund confirmed that the Greek Government, who owns a 34 percent stake in OPAP, will put a 29 percent stake out for tender by early May, the completion of which will be concluded this year.
Reuters reports that the gambling firm's fourth quarter net profit dropped to Euro 128.3 million (Euro 169.2 million). Its two most popular games Kino lottery was down 8.2 percent and Stihima sports betting - down 14.6 percent with overall sales dropping 7.9 percent to Euro 1.16 billion.
"In 2012 our major objectives are to implement the VLT strategy and to prepare OPAP's participation in the online market following the appropriate regulatory steps," said chief executive officer Yannis Spanoudakis. "We strongly believe that OPAP will harvest the benefits of these major investments."
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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