Greece is Not the Word

The OPAP, the gambling group from Greece has released its financial records for the first quarter of this year. It doesn’t come as a surprise due to the deteriorating state of their economy, the numbers are very bad, and are a major setback from the first quarter of 2011. The total revenues have decreased by 5%. In 2011 it was a total of 1.12 million Euros, and this year it is 1.06 million dollars. The distributions costs have also decreased by 7.6 %. In 2011 it was 30.9 million Euros, and in 2012 it was lowered to 28.5 million Euros. As for the gross profits, it has been lowered from 166.9 million Euros down to 131.9 million Euros, a decreased equals 20.9 %.

To go through the details of these numbers, the turnover of sport wagering activities decreased down to 429.7 million Euros, which is a 2.2 % decrease. Games decreased by a total of 6.8 %, as it decreased down to 635 million Euros. Lastly, the total revenue from the Stihima, the betting games that has fixed and constant odds has decreased down to 397.1 million Euros, which is a 7.7 % decline. Ioannis Spanoudakis, the CEO of OPAP commented on the numbers of the first quarter of 2012, he said that the performance of the group is considered resilient, as these numbers are great compared with the bad economic situation and environment. He added that despite the conditions, the OPAP will remain on its goal to expand and grow and will do its best to beat these conditions.

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