OPAP profits disappoint punters in Q2

Betting company OPAP said yesterday second-quarter profit fell 12.3 percent to 155.5 million euros, below market expectations, as competition from foreign online bookmakers hurt sales. Analysts were expecting a figure of 164.1 million euros, according to Bloomberg. Revenue fell 5.7 percent to 1.3 billion euros. OPAP, which has a monopoly on Greek sports betting until 2020, will maintain its focus on ‘establishing suitable collaborations to support’ international expansion and boosting its local product portfolio, CEO Christos Hadjiemmanuil said in statement. Sales in the second-half of the year may be hurt by a new tax on games of chance, the smoking ban which started on July 1 and illegal online betting, the report said.