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Greek betting firm OPAP report Q3 profit up, new video games help

Greece-based OPAP posted on Tuesday a 64 percent rise in third-quarter net profit helped by the roll out of video lottery terminals and the reversal of litigation provisions.

OPAP, Europe's fifth-biggest betting firm by revenues, said net profit in the July-to-September period was 48.1 million euros ($56.52 million), up from 29.3 million euros a year ago.

OPAP owner looking to fund growth in Europe

Czech-based lottery and gaming operator Sazka Group said it is looking at an initial public offering in London to help fund growth in Europe.

The group, owned by Czech investors Karel Komarek's KKCG group and Jiri Smejc's EMMA Capital, has become one of Europe's biggest betting operators after acquisitions in recent years.

ATHEX: Bank decline weighs heavily on benchmark

A major slump in Greek bank stocks on Monday - exceeding 5 percent - illustrated that foreign portfolios are pulling out of the local market in droves.

The Athens Exchange (ATHEX) general index closed at 734.52 points, shedding 1.96 percent from Friday's 749.23 points. The large-cap FTSE-26 index contracted 1.77 percent to close at 1,940.51 points.

Bill to extend OPAP's license offsets reduction of video lottery machines

Greece-based OPAP said the adverse impact from a draft government bill cutting the number of video lottery machines (VLTs) allowed to operate in the country will be offset by a plan to extend its betting license. "The revised terms will have a neutral effect for OPAP," Damian Cope, the company's chief executive officer, told a conference call with analysts Wednesday.

OPAP Q2 net profit drops 34 percent

Greece-based OPAP, Europe's fifth-biggest betting firm, posted on Tuesday a 34 percent drop in second quarter net profit compared to the same period in 2016, hurt by a one-off litigation charge and rising operating costs.

Net profit came in at 22 million euros, down from 33 million in the same period a year ago. Gross gaming revenue dropped 2.5 percent to 330 million euros.

Gov't cuts OPAP video lottery machine plans

Greece proposed on Friday that betting company OPAP should operate a total of 25,000 video lottery machines, down from the 35,000 machines the country's current legislation stipulates.

The Finance Ministry said on Friday it had tabled a bill which reduces the number of machines, aiming at a smaller exposure to gambling and a more effective supervision by the authorities.

OPAP net profit declines in Q1

OPAP, Europe's fourth-biggest betting firm, reported an 8.7 percent drop in first-quarter net profit on Monday, hurt by costs for the rollout of a new video lottery business.

OPAP said net profit came in at 39 million euros in the first three months of the year, down from 42.8 million euros in the same period a year ago.

OPAP picks OTE for its telecoms upgrade

Greece's biggest betting company OPAP has selected Deutsche Telekom-controlled Greek telecoms group OTE to upgrade telecoms infrastructure at its outlets across the country, the two companies said on Tuesday.

The new systems will help OPAP to implement its 2020 development plan, which includes the launch of new products and services, OPAP said.

Athens-listed Intralot may seek listing on foreign stock market

Athens-listed gaming systems provider and sports betting firm Intralot may consider listing on another international stock market as business in its domestic Greek market shrinks, the chairman said on Thursday.

Intralot's Greek operations were hit when it lost a contract with Greece's biggest betting firm OPAP that had been a valuable source of revenue for two decades.