Greek OPAP Posts Disappointing Results Due to Considerable Tax Rates
OPAPGreek gambling firm OPAP tries to prepare new sportsbook in time for World Cup, as they try to recover suffering losses.
OPAP recorded a 72% decline in profits for 2013, which is directly linked to the new 30% tax rate that the Greek government imposed, in efforts to raise money for its economy.
As a result, revenue in 2013 went down 6.6%, which equaled to $5.07 billion. The new tax meant that earning would also suffer, as they went down an astonishing 67% to $304 million, while the profits decreased all the way to $193 million.
Although the mobile casino gambling provider experienced a substantial loss for the entire year, it nevertheless managed to achieve a very small increase in the second half of 2013.
Third quarter was slightly stabilized, while Q$ saw a rise of 4.3%, to which the CEO of OPAP,Kamil Ziegler, remarked as “an encouraging trend.”
New sportsbook might be ready for World Cup
OPAP is trying to recuperate their losses by investing into a new mobile betting site. The World Cup in Brazil is right around the corner, and the company is doing everything in its powers to meet the challenge of being ready in time for the opening.
Although other OPAP executives have expressed skepticism over being ready in time, CEO Ziegler on the other hand, is quite determined and convinced that they will manage to do everything in time, with the help of their partner GTECH.
GTECH have recently won the rights to maintain OPAP’s new sports betting products. Ziegler mentioned that OPAP and GTECH were “cooperating well and working hard under a tight timescale to be ready as soon as possible.”
