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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."
Gambling News :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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