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OPAP, Greek-based lottery and betting operator has reported a decrease of one-third in net profits during the second quarter of this year.
The company revealed a net loss of 33 percent compared to the same time last year. The figures were down to $26 million in net profits in the Q2 period which ended on June 30. The overall revenue collected was down to $394 million, going below 2.5 percent, while the earning plunged by 24 percent, down to $52 million in the second quarter this year.
The total betting revenue was down by 1.2 percent to $111 million. OPAP’s main product, Lottery, reported a greater loss, with a revenue decline of 8 percent down to $229 million. However, Instants and Passives reported a rise in revenue by 6.6 %, up by $46 million with Video Lottery Machines (VLTs) further adding $8.9 million.
According to the OPAP CEO, Damian Cope, the numbers fell in the second quarter as there was a decline in the revenue and costs of new products increased.