Opap Q3 Results Down
10/22/2012 : OPAP THIRD QUARTER RESULTS DOWN
Recession hits Greek gambling firm
OPAP (Hellenic Football Prognostics Organization) was impacted by the ongoing recession reporting a 16 percent drop in third quarter profit yesterday (Tuesday).
Revenues fell 11 percent to Euro 891.3 million and Net profit amounting to Euro 113.6 million was down from last year's Euro 135.4 million.
The Greek Government’s plan to sell its 34 percent stake in OPAP as part of an international bail-out deal has seen eight potential investors submitting an expression of interest through the Hellenic Republic Asset Development Fund.
Industry observers note, however, that the Government's imposed 30 percent levy on the company's gross earnings from January 1, 2013, which will affect its profitability, may undermine the company's value along with court challenges initiated by competitors requesting a repeal of OPAP's sports betting monopoly.