OPAP, Europe's fourth-biggest betting business, reported a 38% drop in first-quarter profit on Wednesday due to the closure of outlets during the coronavirus lockdown in Greece and Cyprus.
Net profit in the January to March period stood at 35.5 million euros ($40.3 million), down from 57.2 million in the same period a year before.
OPAP, Europe's fourth largest gaming company, has agreed to acquire a controlling stake in the fast-growing Greek and Cypriot business of online bookmaker Stoiximan, it said on Tuesday.
OPAP, which already holds a 36.8 percent stake in Stoiximan's online operations in Portugal, Romania and Germany, has agreed to buy a 51 percent stake in Stoiximan's Greek and Cypriot operations.
Stocks suffered a day of losses at the Athens Stock Exchange on Friday, with just a handful of sessions left till the end of the year for traders to complete their window dressing, but the benchmark didn't lose all its weekly gains, posting an increase of 0.11 percent compared to the previous Friday.
The Hellenic Capital Market Commission on Monday approved a bid by Czech-based Sazka Group to take full control of gaming firm OPAP.
Greece sold a 33 percent stake in OPAP to Emma Delta, currently owned by Sazka Group and Georgios Melissanidis, in 2013 for about 650 million euros as part of an international bailout.
Greek punters staked over 16 billion euros on legal games of chance last year.
According to figures compiled by the Hellenic Gaming Commission (EEEP), Greeks bet 13.2 billion on all legal games to leave gross gaming revenues of 2.1 billion euros to the suppliers, while at least another 3 billion euros was gambled on video lottery terminals (VLTs), which EEEP has not accounted for.
Rating agency Moody's commented on Monday that the sale by Intralot of a 16.5 percent in lottery company Ellinika Lachia to main stakeholder OPAP is a credit positive for Intralot, and that the price of 20 million euros will go a long way toward improving its liquidity, which to date was seen as "weak," according to the agency.