Kamil Ziegler

Greece's biggest betting company OPAP, will pay an extra 70 million to 75 million euros in tax this year under new laws on gross gaming revenues, Chief Executive Kamil Ziegler said on Monday.

The former state monopoly, majority-owned and managed by a Greek-Czech fund since 2013, paid more than 600 million euros in taxes last year.

Greece's OPAP, Europe's second-biggest gambling company by stock market value, is pushing back the launch of its video lotto machines (VLTs) by about three months to the second quarter of next year, its chief executive said on Wednesday.

Greek gambling monopoly OPAP, one of Europe’s biggest betting firms, said it expected revenue to grow by a double-digit percentage this year, thanks to the planned launch of new games.

Gambling monopoly OPAP posted higher-than-expected quarterly profit due to a rise in sports betting and cost-cutting.

The company said first-quarter net profit rose 27.6 percent to 49.7 million euros, beating the average forecast of seven analysts in a Reuters poll of 44.5 million euros.

OPAP, one of Europe’s biggest betting firms, plans to launch long-awaited online sports betting before the start of the soccer World Cup in June, its CEO said on Thursday, in a bid to capitalize on the popular event.

By Vangelis Mandravelis

OPAP’s chairman and chief executive, Kamil Ziegler, outlined on Tuesday the priorities of the Greek gaming monopoly’s new management following its privatization, which mainly concern the introduction of new games and a shift in sponsorship policy.