OPAP reports £170m profit despite pandemic setbacks

In its 2020 annual report, the Greek Organization of Football Prognostics (OPAP) reported a profit of €199.4 million (£170.0 million).

The regulator’s gross gaming revenue (GGR) and net gaming revenue (NGR) fell 30 percent and 32 percent from 2019 to €1.12 billion and €737 million, respectively.

Despite lower sales, the company profited €199.4 million, a 1% decrease from 2019.

According to the company, “Due to store closures, the pandemic “adversely affected the group’s sales figures and service quality.”

However, the organization benefited marginally from its online operations. OPAP was able to improve its online offering by investing in Kaizen Gaming Limited and the Stoiximan market.

The group produced €42.0 million in GGR from online betting and €23.9 million from other online games. However, the lottery was the primary source of revenue, with a GGR of €518.6m.

“Despite the coronavirus effect, the group maintains a good financial position,” the company said. OPAP has introduced a range of steps to ensure regular operations, and a swift ramp-up of the company once restrictions are lifted.”

According to OPAP, its management group will closely track developments around the pandemic.

Its mentioned goal is to increase its global online presence and use online gambling to improve its finances. It intends to improve its lottery offerings and also explore areas such as social networking and artificial intelligence.

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