William Malcolm

Sazka Group Sees Q1 Profits Plummet 50%

Sazka Group started the first quarter strong but saw a sharp decline in revenue and profit in March due to coronavirus restrictions.

Sazka Group’s net profit fell by 50.6 percent year-on-year to EUR 43 million (CZK 1.15 billion) in the first quarter. Gross revenues from gaming fell by 11.6 percent to 405 million euros (CZK 10.8 billion).

“An increase in online betting partially offset the closure of some branches,” CEO Robert Chvatal said. The majority of the company’s branches are now open again, he added.

Last year, the group increased its net profit by 35 percent year-on-year to 311 million euros (CZK 8.3 billion). Gross revenues from bets increased by six percent to 1.91 billion euros (50.9 billion crowns).

Sazka Group increased its stake in OPAP to 40 percent. OPAP is the largest Greek betting company, and the fourth largest betting company in Europe, according to Chvatal.

Sazka Group’s holdings include Sazka (100 percent), OPAP (40 percent), LottoItalia (32.5 percent), and Casinos Austria (38.2 percent). Karel Komarek’s KKCG Group owns the Sazka Group.