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Profit decline of the state lottery OPAP

30 March 2010 / 15:03:03  GRReporter
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State lottery company OPAP reported substantial fall in revenue. It ended the year of 2009 with 8.5 percent decrease in profit before taxes compared with results from 2008. Dividends that the company will distribute to shareholders this year will be €0.45 per share lower than last year. After the end of 2008 the value of one share of OPAP was €2.20, and this year the share price has fallen to €1.75. 

Analysts say the main reason for the decline in profits for the company is the change in taxation, which dramatically changes the value of expenditure reported until now. Sales for 2009 were €5.44 billion, while for 2008 this index was €5.51 billion. Net profit fell with 5% to €691.9 million from €728.5 million a year earlier. 

Board of Directors of the state lottery OPAP also announced that this season they will stop subsidizing the Hellenic Football Federation and other sports clubs, fans of which are causing problems in stadiums. At a press conference the Secretary of the company responsible for the sports department Panos Bitsaksis blamed the Football League professional teams for their football hooliganism support. Especially in recent years violence has become routine in stadiums and as a sign of protest, the organization announced the suspension of funding for football games and teams. 

"OPAP will not finance these outrages. The state cannot pay for organizations that dictate violence. We considered the Greek football league to be unreliable and reigned by violence," told reporters Panos Bitsaksis. This measure will affect mostly sports unions that rely on subsidies from the budget allocated from the company OPAP. Hellenic Football Federation has received sponsorship from the state lottery accounting for €17 million and the planned funding for the next season is up to €19 million. "Violence will not be funded by Greek taxpayers," stressed Bitsaksis. 

Tags: OPAP state lottery Greece funding football
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