ECONOMY

Capital controls hit OPAP in Q3

capital-controls-hit-opap-in-q3

Betting firm OPAP on Tuesday posted an 8.5 percent drop in third-quarter net profit, hurt by capital controls imposed this summer, and said it was bracing itself for a new gambling tax.

Greece shut its banks and imposed restrictions on withdrawals in June to avert a collapse of the system while Athens was negotiating a third bailout with its international lenders.

The measure hit betting activity and as a result OPAP’s net profit came in at 49.1 million euros, down from 53.7 million in the same period a year ago.

Analysts polled by Reuters had expected an 18 percent drop in third-quarter net profit.

Third-quarter sales dropped 15.7 percent to 900.8 million euros with a scratch card and two lotteries launched last year suffering the biggest hit.

[Reuters]