OPAP secures moving concession settlement in Cyprus
OPAP has entered into a long-term concession settlement with the Republic of Cyprus for the moving provision of games of probability within the nation.
The settlement, struck by the OPAP Cyprus subsidiary, will bustle for 15 years and is effective in an instant. The concession covers conducting, offering and managing designated games of probability.
OPAP also secured a brand new licence from the Nationwide Making a guess Authority (NBA) of Cyprus, which regulates playing within the nation. The dignity for the licence will likely be paid in 15 annual instalments, based entirely on the annual efficiency of OPAP Cyprus. OPAP has already paid the principle instalment of €4.2m (£3.6m/$4.5m), with future funds due on 31 January every year.
The licence also sets out taxation tiny print for OPAP. This contains a 22.5% tax on scandalous gaming income (GGR) of games of probability in Cyprus.
Moreover, OPAP must pay an amount equal to 5.0% of GGR generated from its games for sponsorship of sporting, social and charitable actions in Cyprus.
OPAP is with out a doubt no stranger to the Cyprus market, having been energetic within the nation since 1969. Its most unusual offering contains the Joker, Lotto, Proto, Kino, Substantial 3, Extra 5, Propo and Propogoal games. The group also operates a community of greater than 200 retail retail outlets across the nation.
Moreover, OPAP currently works with diversified organisations within the nation. These encompass both the Cyprus Sports Organisation and the Cyprus Olympic Committee.
“Foremost” profit for Cyprus
Cyprus’ minister of finance, Makis Keraynos, welcomed the settlement, announcing this can fabricate clear “principal” income for the nationwide budget.
Keraynos also spoke of how the exclusivity of the concession will aid protect avid gamers from playing difficulty. OPAP would perhaps be the handiest operator celebrated to produce games of probability in Cyprus, with all other operators deemed unlawful.
Kamil Ziegler, govt chairman of OPAP and president of OPAP Cyprus, added: “We’re particularly contented to personal signed the brand new 15-year concession with the Republic of Cyprus.
“As a group, we personal got been energetic in Cyprus for 55 years. Now we were offering in style games and spicy experiences to our customers, supporting frequent dreams and imposing social initiatives with principal affect.
“Our commitment is that we are going to have the choice to proceed on the the same course.”
Income up 4.2% at OPAP in Q1
The concession and new licence near on the aid of awinning Q1 for OPAP. Throughout the principle three months of the year, income increased 4.2% to €549.7m.
OPAP did now no longer reference Cyprus straight in its Q1 checklist. On the opposite hand, it did detail increased income across three of its 5 core segments. The stand-out highlight became growth in online casino income with this up 29.1% to €12.9m. Lottery and video lottery terminal (VLT) income became also increased, but there were declines in making a guess and rapid and passives income.
On the opposite hand, accompanying the upward thrust in income became an 18.6% elevate in running costs. This left a pre-tax profit of €155.7m, down 3.4% year-on-year.
OPAP paid €39.9m in income tax, which potential a Q1 rating profit of €115.8m, a drop of 4.0% from €120.6m in 2023.
