September 12, 2018 / 3:21 PM / 2 months ago

UPDATE 1-OPAP second-quarter profit rises, lifted by new video lottery business

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ATHENS, Sept 12 (Reuters) - OPAP, Europe’s fifth-biggest betting firm by revenues, reported a 59 percent rise in its second-quarter net profit on Wednesday, helped by its new video lottery business and the 2018 World Cup.

OPAP said net profit in the April to June period stood at 26.2 million euros ($30.44 million), up from 16.5 million euros in the same period last year.

Last year’s bottom line was downwardly revised to include a new amortisation method for the video lottery licence.

OPAP, which was sold by the state in 2013, launched a new business for video lottery terminals last year, which are expected to be a key growth driver in coming years.

The company operated 13,775 terminals at the end of June and said it will speed up the roll-out of new terminals in the second half of the year.

The new business and increased sports betting during the 2018 World Cup in Russia boosted gross gaming revenue, which rose 9 percent to 360 million euros. ($1 = 0.8606 euros) (Reporting by Angeliki Koutantou; Editing by Jan Harvey)

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