The ATHEX-listed Greek Organisation of Football Prognostics S.A. (OPAP), which runs betting parlors and manages games of chance in the country, on Wednesday reported a 43.5-percent increase in net profits for the first quarter of 2019.
OPAP's management pointed to a containment of expenditures and a further growth of its VLTs network as boosting profitability.
Net profits reached 57.2 million euros in the Jan-Mar 2019 period, compared with profits of 39.8 million euros in the corresponding quarter of 2018. The performance, in fact, surpassed forecasts by analysts quoted in a Reuters survey, which projected profits of 44.8 million euros for the quarter.
OPAP, the fourth biggest gaming and betting operator in Europe based on revenues, operates a network of VLTs in Greece and Cyprus now reaching almost 20,000.