OPAP, Europe’s biggest betting company, yesterday reported an 11 percent drop in net profits as a result of the country’s recession. A net profit of 192 million euros beat market expectations but analysts said the downward trend would continue as the recession deepens later in the year. ‘The first-quarter results were in line with our expectations given the very challenging economic environment in which we operate,’ Ioannis Spanoudakis, OPAP’s chief executive officer, said.

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