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OPAP reports Q2 results
Thursday August 28,2014 : OPAP RESULTS HIT BY 2010 TAX DEMAND
Greek online and land gambling monopoly reports Q2 results.
Earlier this week the privatised Greek gambling monopoly OPAP warned the market that a tax demand dating from 2010 would impact its quarterly earnings, and that proved to be the case Wednesday, when the operator booked a Euro 29.6 million tax debit, explaining that historically it had negotiated a deferred payment with the Greek government which fell due in the second quarter.
Euro 8 million of the tax hit had been paid earlier, the company said, adding that it believes it has a credible case for an appeal to have half the amount refunded.
The company, which has already axed hundreds of jobs, mainly in its retail operations, continued to cut costs and saw quarterly earnings rise 50 percent, additionally aided by contributions from the new GTech-powered online sportsbook and scratchcard initiatives.
Q2 revenues were up 8 percent, whilst earnings sailed past analyst's expectations at Euro 68.6 million on sales of Euro 363 million - a rise of over 31 percent.
In company with many other gambling groups around the world, OPAP benefitted from the surge in sports betting triggered by the FIFA World Cup in Brazil. This was especially true of its new online sportsbook, which launched just weeks ahead of the football festival and produced handsome results.
The new Hellenic Lotteries product, barely two months in operation, also delivered an impressive performance, contributing revenue of Euro 20 million...most of it from scratch card sales.
The Euro 21.6 million owed to the Greek taxman hit profits, which fell 44.5 percent to Euro 15.7 million.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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