OPAP

Greek gambling giant OPAP recorded an increase in its revenues and profits in the first half of the year, its second-quarter financial figures showed on Wednesday, thanks both to betting on the soccer World Cup and the introduction of video lottery terminals (VLTs) in the Greek market.

The Greek stock market's banks index continued its decline on Thursday, falling 2.45 percent to its lowest point this year. Other stocks at Athinon Avenue also headed south, although the positive opening in New York helped the benchmark to contain the drop during the closing auctions.

"New money" in banks - deposits to which the capital controls do not apply - are close to 30 billion euros, according to banking sources. In just one year the amount has doubled, as in early 2017 it stood at some 15 billion euros.

Technical changes and glitches and the payment of dividends contributed to a peculiar session at the Greek stock exchange on Monday, with mixed results and reduced turnover at the start of the week leading up to the December triple witching.

Listed betting company OPAP announced on Thursday that 1,000 self-service betting terminals (SSBTs) are now operational, and its new digital platform is on track for launch in the first quarter of 2018.

OPAP, Europe's fifth biggest gaming firm, said on Wednesday it is keeping to plans to have a total of 10,000 video lottery machines (VLTs) rolled out by the end of the year.

OPAP launched the new product, which is expected to be its main growth driver, earlier this year.

Greece-based OPAP posted on Tuesday a 64 percent rise in third-quarter net profit helped by the roll out of video lottery terminals and the reversal of litigation provisions.

OPAP, Europe's fifth-biggest betting firm by revenues, said net profit in the July-to-September period was 48.1 million euros ($56.52 million), up from 29.3 million euros a year ago.

Czech-based lottery and gaming operator Sazka Group said it is looking at an initial public offering in London to help fund growth in Europe.

The group, owned by Czech investors Karel Komarek's KKCG group and Jiri Smejc's EMMA Capital, has become one of Europe's biggest betting operators after acquisitions in recent years.

Greece-based OPAP said the adverse impact from a draft government bill cutting the number of video lottery machines (VLTs) allowed to operate in the country will be offset by a plan to extend its betting license. "The revised terms will have a neutral effect for OPAP," Damian Cope, the company's chief executive officer, told a conference call with analysts Wednesday.

Greece-based OPAP, Europe's fifth-biggest betting firm, posted on Tuesday a 34 percent drop in second quarter net profit compared to the same period in 2016, hurt by a one-off litigation charge and rising operating costs.

Net profit came in at 22 million euros, down from 33 million in the same period a year ago. Gross gaming revenue dropped 2.5 percent to 330 million euros.