Greek gambling monopoly OPAP has produced its first quarterly report since January’s introduction of a 30% gambling tax— revenues are down over 18% year on year.
The company also blames fewer trading days than in the first quarter of 2012 and the “harsh local macroeconomic environment.”
Consumer retail spending fell 15% over the same period and Greek GDP is down 5.3%. OPAP’s profits fell by 70% on the revenue decline.
The Greek Government’s stake in the publicly listed company has just been sold to a consortium of Greek and foreign bidders on the orders of the IMF, EU and ECB Troika as a condition for extending loans to the financially ruined country.
