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July 25, 2018 12:00 am | FILED UNDER: business

Synot Tip Sales Down Nearly Kc1 Billion

By ČTK

Uherske Hradiste, South Moravia, July 25 (CTK) – Synot Tip, one of the biggest players on the Czech lottery market, saw its revenues from sales of own products and services fall by nearly Kc804m to Kc4.89bn, while its profit grew by almost Kc52m to Kc64m, according to the company’s annual report.

 

The company is part of the Synot group controlled by senator Ivo Valenta.

 

Legislative changes affected negatively the company’s business, board chairman Miroslav Valenta said. The company’ plans were also influenced by a rise in taxes.

 

“Municipalities have gained bigger powers in issuing licences to lottery operators without any criteria pre-set in advance. This has caused uncertainty and fears about marred investments among operators,” Valenta said.

 

Synot Tip had to close some of its establishments and lay off some employees last year, he added.

 

The entire Synot group nevertheless managed to strengthen its positions and business activities, mainly on foreign markets.

 

The group continues developing its activities abroad. It is operating in about 20 countries, including Slovakia, Latvia, Albania, Kosovo, Vietnam, Greece, Spain and Georgia, employing some 3,000 people in total. Its annual turnover reaches about Kc15bn, according to the annual report.

 

Synot Tip was established in 2002. It operates odds betting, video-lottery terminals, electric roulettes, live poker in casinos and on-line lotteries.

 

Last year, Synot Tip employed 147 people, 30 more than in 2015.

 

For this year, the company expects a further decrease in sales due to the ongoing legislative changes.

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