Profits dive in the financial year 2017 as escalated revenue was impacted by hiking operating costs, new games, and long-term investments witnessed by the Greek company, OPAP.
The Athens-based firm observed net benefit disintegrate around 25% regardless of its GGR hoisting by 4% to €1.45bn ($1.78bn).
Net profit was down to €126m, while gross profit from gaming operations was up 3.5% to €564.7m.
Notwithstanding, the costs changed altogether attributable to changes in concurrences with specialists, the presentation of more than 10,000 video lottery terminals and duties regarding social responsiblity.
OPAP additionally observed a 69% drop in final quarter net benefit to €17.2m, hurt by higher expenses for the organization of new diversions.
In perspective of this, OPAP Chief Executive Damian Cope stated: “2017 was a particularly busy year in terms of the overall level of change that OPAP underwent. Beginning with the new partnership agreement that we signed with our agents in Q1 we managed to successfully implement a number of new initiatives that will each act as solid foundations for the long–term benefit of the company and ensure the delivery of our 2020 Vision.”