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OPAP impacted by the 35 percent retroactive GGR tax

Wednesday August 31,2016 :  OPAP FEELS THE RETROACTIVE TAX SQUEEZE
 
In tight economic conditions.
 
Greek gaming operator OPAP S.A., in delivering its consolidated financial report for the six month and second quarter period ending June 30, 2016, said results were negatively impacted by the 35 percent retroactive GGR tax imposed from January 1 2016 and stringent economic conditions.
 
Key performance indicators include:
 
-    Gross Gaming Revenue (GGR) was down 2.6 percent at Euro 678.8 million (H1/2015: Euro 697.1 million).
 
-    Q2/2016 GGR remained broadly stable at Euro 338.1 million (Q2/2015: Euro 340.8 million), aided by the performance of lottery games and the increased y-o-y contribution of sports betting, counterbalanced by the drop of Instant & Passives.
 
-    Net gaming revenue (NGR) was down 10 percent to Euro 279 million (H1/2015: Euro 310 million).
 
-    Q2/2016 net gaming revenue amounted to Euro 125 million, down 17.7 percent (Q2/2015: Euro 341 million).
 
-    EBITDA at Euro 161.5 million (H1/2015: Euro 186.4 million) and in Q2 2016 at Euro 68.5 million (Q2/2015: Euro 93.2 million) was negatively impacted by the increased retroactive GGR contribution of 35 percent since January 1, 2016.
 
-    Excluding the increase of the GGR contribution, adjusted EBITDA in H1/2016 and Q2/2016 increased by 1.7 percent and 3.7 percent respectively y-o-y, on the back of Management’s persistent cost containment efforts and one-off income of Euro 6.5 million related to legal provisions reversal, the company detailed.
 
-    Adjusted Q2 2016 EBITDA margin was at 28.6 percent (Q2/2015: 27.4 percent)
 
-    Net Profit came in at Euro 85.8 million (H1/2015: Euro 109.9 million) down 21.9 percent. Net profit in Q2/2016 reached Euro 33.0 million (Q2 2015: Euro 51.9 million).  After adjusting for the increase of the GGR contribution, net profit in Q2 2016 stood at Euro 53 million, up 2.1 percent y-o-y.
 
“Our results for the second quarter of 2016 demonstrate a solid underlying performance despite the ongoing challenges we face from the economic environment,” Damian Cope, chief executive officer of OPAP commented.
 
“Consumers continue to experience increased financial pressures and this is expected to continue for the rest of 2016.
 
“In addition, our overall profitability was heavily impacted by the recently increased GGR participation rate to the Hellenic Republic, which at 35% is materially higher than the European markets’ norm”.
 
“Despite this OPAP managed to report broadly stable revenue trends, while our focus on cost efficiencies led to a resilient operating result.”
 
In closing, OPAP’s board of directors announced the distribution of an interim dividend payable to shareholders of Euro 0.12 per share.

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Gambling News :

Update on Anti Online Gambling bill S.3376 - More detail is emerging on Senate bill S.3376 and its author, Senator Tom Cotton, indicating that Cotton has in the past (2015) signed as a sponsor for Sheldon Adelsons Restoration of Americas Wire Act and opposes the legalisation of online gambling in the United States.

Anti Gambling bill S. 3376 - #s3376 Industry observers were taken by surprise late Friday when a little-known Republican Senator from Arkansas, Tom Cotton, filed the beginnings of a new bill in the US Senate Committee on the Judiciary in what appears to be a move to toughen the US legal stance on the Unlawful Internet Gaming Enforcement Act of 2006 and possibly the 1961 Wire Act.

2016 WPT Borgata Main Event Results - @MrJesseJames888 Four years ago the poker world watched as Jesse Sylvia and Greg Merson fought it out in the heads up of the World Series of Poker main event, with Sylvia narrowly defeated but taking home a second placing pay check for $5,292,889.

G-Sports debuts with the game Road Redemption - #esports Land, online and mobile gambling publisher Gamblit Gaming has debuted in the burgeoning eSports sector, unveiling its new eSports platform branded G-Sports with the hit PC and console game Road Redemption.

French licensed gambling operators lost $5M in 2015 - #france Numbers released by the French online gambling regulator ARJEL have illustrated the continued folly of a ring-fenced and restricted online gambling market saddled with a harsh and operator-unfriendly tax regime.

NO PRIVATISATION FOR ONTARIO LOTTERY - The privatisation of the Ontario provincial lottery will not go ahead despite proposals by major companies like IGT-GTech, Scientific Games and Rogers Communications submitted in response to the provincial government’s 2014 Request for Proposals.

Space Invaders wins Best Slot Product Award - The growing emphasis on skill-based slot machines that are more appealing to the millennial demographic has seen Scientific Games awarded a Best Slot accolade for its Space Invaders game at the 2016 Gaming and Technology Awards.

Loss Recovery Act has again been defeated in a class action lawsuit - #gameofwar Illinois notorious Loss Recovery Act has again been defeated in a class action lawsuit...this one emanating from in-game activity on a mobile social gaming video game.

NEW MARKETING CAMPAIGN FROM LADBROKES - The Ladbrokes land and online gambling group has launched its latest marketing campaign, with the first television advertisements ready to screen this Saturday.

Gamesys acquires Snowcat Games - London online gambling provider Gamesys has announced the acquisition of Estonian online gambling games developer Snowcat Games for an undisclosed consideration, noting that the deal will strengthen its development capabilities.

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