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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.

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Gambling News :

Oshi online casino now accepts fiat currencies - The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.

New Standards for UK Online Gambling - Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.

Pennsylvania Gambling Bill 1887 returned with additions - The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.

UKs Advertising Standards Authority vs Ladbrokes - A Ladbrokes Casino email promo has fallen foul of the UKs Advertising Standards Authority who deemed significant terms and conditions concerning bonusing to be unclear or misleading.

Mybet Earnings Struggle - The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

Why is FullFlush Poker Still Down - Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.

Time Running Our For Pennsylvanian online gambling - Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.

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