BUSINESS

OPAP CEO optimistic about future regulation

TAGs: Greece online gambling regulation, OPAP, q3 results

Ioannis Spanoudakis, Chief Executive Officer for OPAP is rather confident about the future of gaming regulation in Greece. The company recently released it’s financial results for the quarter in which Spanoudakis said, “We will continue to grow market penetration for key games and aggressively manage our costs. I am confident that we are well positioned to take advantage of the impending regulation of Greece’s gaming market due to the strength of our brand and market expertise. We remain committed to delivering continued innovation and compelling content for consumers.”

As far as the numbers in the report go, the consolidated financial results for the third quarter of 2010 showed an over six percent year-on-year drop in revenues to €1.134 billion. Conversely, the company also revealed a seven percent year-on-year increase in gross profits to €248.5 million while profits after tax rose almost 24 percent when compared to the same period in 2009 to €161.2 million.

OPAP reported that the company’s earnings before interest, tax, depreciation and amortization for the third quarter of 2010 increased 18 percent year-on-year to €220.3 million, although, this figure for the first nine months of the year dropped slightly when compared to 2009 to €695.9 million.

To say the least, the economic environment in Greece isn’t bright, although, OPAP is reporting that it is still able to report strong returns and and provide value to shareholders as stated by Spanoudakis. Right. Wake us up when the regulation starts.

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