Stoiximan consolidation sees OPAP survive tough Greek winter

OPAP SA reveals solid progress for its business recording headline growth despite its lottery and VLT units being impacted by significant COVID-19 headwinds. 

Publishing its H1 trading results (period ending 30 June), OPAP group revenues stood at €570 million, up 12% on corresponding 2020 results of €507 million.

H1 growth was primarily attributed to the full consolidation of the Stoiximan brand, as Greece’s leading online sportsbook helped OPAP increase its betting revenues to €214 million (H1 2020: €127m).

Sports betting growth helped OPAP offset poor trading results recorded by its flagship lottery division that registered a 27% decline in revenues to €187 million (H1 2020: €257m).

The lottery unit was forced to observe a tougher Greek winter lockdown period in comparison to 2020 – with OPAP forced to shut more retail outlets.

Further period declines, saw OPAP VLTs performance drop by 59% to €39 million (H1 2020: €81m) – as the company reported that its VLTs operating venues had observed a closure for 5 out of 6 months.

Despite facing significant period headwinds, OPAP’s combined unit performance registered group income of €248 million up 30% on 2020 results of €191 million.

OPAP recorded a 100% increase in Hi EBITDA to €204 million, as group performance was aided by the €100 income related to a concession extension and the contribution of Stoiximan assets.   

Reporting a cash flow from operating activities of €140 million, H1 trading saw OPAP register group revenues of €82 million (H12020: €20m) 

OPAP Group CEO Jan Karas commented on H1 trading –  “Despite the COVID-19 restrictions still in place, we have successfully managed to attract customers back to our stores, thanks to our comprehensive commercial plan and constant focus on providing world-class gaming entertainment. This approach supports the recovery and sustainability of our partners’ business.”

“Overall, OPAP deploys a unique business model constantly developing and delivering services to better meet our customers’ expectations. Looking forward, we remain committed to expand our online presence, digitalize the retail experience and evolve the brand and product portfolio so as to attract new audiences and further reactivate existing ones.”

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