{"id":272,"date":"2024-06-28T05:06:41","date_gmt":"2024-06-28T02:06:41","guid":{"rendered":"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/"},"modified":"2024-06-28T05:06:41","modified_gmt":"2024-06-28T02:06:41","slug":"opap-reports-increased-net-profit-despite-slight-revenue-decline","status":"publish","type":"post","link":"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/","title":{"rendered":"OPAP Reports Increased Net Profit Despite Slight Revenue Decline"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/RMIW39Vl81Y\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>OPAP, the parent organization of Sazka, revealed in its third-quarter report that although there was a slight decrease in income, a reduction in costs aided in boosting net profit by 6.7% as the enterprise began to recover from the effects of the COVID-19 outbreak.<\/p>\n<p>OPAP&#8217;s third-quarter performance was strong, with earnings rising.<br \/>\nFor the three months concluding September 30, total gaming revenue (GGR) was \u20ac391 million (\u00a3348.8 million\/$465.9 million), down 0.7% from the same period last year.<\/p>\n<p>Lottery revenue, OPAP&#8217;s primary source of income, dropped by 9.3% to \u20ac179.1 million, primarily due to the impact of COVID-19 restrictions on retail locations, including social distancing and capacity limitations.<\/p>\n<p>However, with the resumption of numerous major sporting events in the third quarter &#8211; which had been postponed or canceled entirely since mid-March &#8211; sports betting revenue increased considerably by 13.9% to \u20ac104.6 million.<\/p>\n<p>Video lottery terminal (VLT) revenue also climbed by 10.0% year-over-year to \u20ac80.1 million, partly due to the easing of COVID-19 lockdown measures in OPAP&#8217;s core markets. Nevertheless, revenue from instant and passive games fell by 14.1% to \u20ac27.1 million as OPAP experienced the impact of retail-focused pandemic restrictions. <\/p>\n<p>OPAPs chief executive, Jan Karas, reported that their performance mirrored the same period in the previous year. This was due to a surge in sports wagering during the third quarter, coupled with sustained growth in online and VLT operations, which balanced out declines in lottery and scratch card sales.<\/p>\n<p>&#8220;Concurrently, our endeavors to expand the market have been notably successful, showcasing investor confidence and bolstering our financial flexibility.&#8221;<\/p>\n<p>In terms of expenditures, total operational expenses in the third quarter amounted to \u20ac57.7 million, a reduction of 3.8% compared to \u20ac60 million in the corresponding period of the previous year. This decrease was attributed to OPAP&#8217;s reduction in spending on agent commissions and other operational activities.<\/p>\n<p>Personnel costs and other operational expenses remained steady, while marketing expenditures declined, resulting in an EBITDA of \u20ac105 million, a 1.5% increase from 2019.<\/p>\n<p>After factoring in depreciation, amortization, and impairment expenses totaling \u20ac26.9 million, operating profit reached \u20ac78.2 million, a 4.4% increase from \u20ac74.9 million in the preceding year.<\/p>\n<p>OPAP incurred \u20ac10.2 million in financial costs, bringing its profit before taxes to \u20ac68.4 million, aligning with the previous year. However, after accounting for \u20ac16.1 million in taxes (\u20ac19.4 million in 2019), net profit stood at \u20ac52.3 million, an increase from \u20ac49 million in 2019.<\/p>\n<p>Other notable developments in the third quarter included OPAP finalizing the acquisition of a 51% stake in Stoiximan Group&#8217;s Greek and Cypriot operations, over 18 months after the agreement was initially announced. The operator subsequently raised its stake to 84.48% earlier this month. <\/p>\n<p>The effect of the global health crisis was evident in OPAP&#8217;s financial performance for the initial nine months of the year. The total income generated from gaming activities reached \u20ac898.9 million, representing a decrease of 21.4% compared to the same period in the previous year. This downturn was primarily attributed to the restrictions imposed by the COVID-19 pandemic during the first half of 2020.<\/p>\n<p>Revenue from lottery operations experienced a reduction of 24.3%, settling at \u20ac436.6 million. Similarly, revenue from sports betting activities fell by 17.9%, reaching \u20ac233.1 million. Video lottery terminal (VLT) revenue also declined by 20.8%, reaching \u20ac168.5 million, while instant and passive income saw a more significant drop of 39.3%, reaching \u20ac60.7 million.<\/p>\n<p>Operating expenses saw a decrease of 5.9%, reaching \u20ac182.5 million. However, EBITDA experienced a more substantial decline of 31.9%, reaching \u20ac207.6 million. Operating profit for 2020 showed a decrease of 47.6%, reaching \u20ac115.1 million, while pre-tax profit fell by over 50%, from \u20ac200.9 million to \u20ac93.3 million.<\/p>\n<p>OPAP paid \u20ac22.9 million in income tax over the nine-month period, resulting in a net profit of \u20ac70.4 million, almost half of the \u20ac140.7 million recorded in the same period of 2019.<\/p>\n<p>Karras stated: &#8220;Looking ahead, in a volatile environment characterized by the pandemic and the second lockdown, we remain committed to safeguarding and actively supporting our employees, partners, and stakeholders, maintaining our robust financial position and enhancing our product offerings.&#8221;<\/p>\n<p>&#8220;We are confident in our ability to overcome future challenges and achieve positive outcomes.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPAP, the parent organization of Sazka, revealed in its third-quarter report that although there was a slight decrease in income, a reduction in costs aided in boosting net profit by 6.7% as the enterprise began to recover from the effects of the COVID-19 outbreak. OPAP&#8217;s third-quarter performance was strong, with earnings rising. For the three [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OPAP Q3 Report: Profits Up Despite Revenue Dip<\/title>\n<meta name=\"description\" content=\"OPAP\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"OPAP Reports Increased Net Profit Despite Slight Revenue Decline\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"OPAP\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Unleash Your Inner Casino Pro | Licensed Games &amp; Latest News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T02:06:41+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/\",\"url\":\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/\",\"name\":\"OPAP Q3 Report: Profits Up Despite Revenue Dip\",\"isPartOf\":{\"@id\":\"https:\/\/newcasinonodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-28T02:06:41+00:00\",\"dateModified\":\"2024-06-28T02:06:41+00:00\",\"author\":{\"@id\":\"https:\/\/newcasinonodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"OPAP\",\"breadcrumb\":{\"@id\":\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/28\/opap-reports-increased-net-profit-despite-slight-revenue-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/newcasinonodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"OPAP Reports Increased Net Profit Despite Slight Revenue Decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/newcasinonodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/newcasinonodepositbonuscodes.icu\/\",\"name\":\"Unleash Your Inner Casino Pro | Licensed Games &amp; Latest News\",\"description\":\"Indulge in the thrill of licensed online gambling through our up-to-date news, comprehensive reviews, and expert articles. 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