IBG sees OPAP profits taking hit in Q2

Adverse economic conditions and a hike in the tax on gambling are expected to have a negative effect on the second-quarter performance of betting agency OPAP, the Investment Bank of Greek (IBG) said in a report published yesterday, ahead of OPAP’s publication of results on Tuesday. IBG analysts see OPAP’s net profits coming in 44 percent down year-on-year at 29 million euros. They also say that earnings before interest, taxes, depreciation and amortization will come to 60 million euros, down 36 percent y-o-y. In Q1, OPAP posted net profits of 52.8 million euros against 58.1 million euros in Q1 2015 (-9 percent).