Greek operator OPAP publishes its consolidated financial results for the period ended March 31, 2021, which shows a solid recovery in the retail market.
OPAP has reported that the Gross Gaming Revenue (GGR) in the first quarter of 2021 stood at € 174.2M, which represents a decrease of 46.9% year-on-year due to the retail closure, with only 40% of the network reopening in February. Online achieved a record quarter thanks to the full consolidation of Kaizen Gaming.
Gross Profit (from gaming operations) in Q1'21 down by 38.2% at € 75.6m (Q1 2020: € 122.4m) due to revenues 'drop and Hellenic Lotteries' disproportional GGR contribution so as to meet the minimum annual € 50m contractual threshold.
Highlights by OPAP in its financial report for 1Q 2021:
- EBITDA decreased by 29.0% to € 61.3 million (first quarter 2020: € 86.4 million).
- Net profit in the first quarter of 2021 decreased by 71.1% to 10.3 million euros (first quarter 2020: 35.5 million euros).
- Strong and long-lasting online momentum coupled with the full Kaizen Gaming revenue stream.
OPAP has further reported that its stores in Greece have been fully open since April 12 under social distancing measures, while VLT activity is expected to resume operations on May 24.
FULL REPORT 1Q 2021
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