Greek lottery and betting operator OPAP saw its profit tumble nearly 40% in the first quarter of 2020 as COVID-19 brought an abrupt halt to land-based gaming.  

Figures released Thursday show OPAP’s gross gaming revenue over the three months ending March 31 totaled €328.3m, a 17.1% decline from the same period last year. Earnings were off 23.6% to €86.4m while net profits slid 37.8% to €33.8m.

The company previously warned that COVID-19 had brought a halt to 99% of its operations in Greece and Cyprus by mid-March, while its fledgling online betting site was unable to shoulder the burden due to the pandemic cancellation of major sports.

Acting CEO Jan Karas, who took over from Damian Cope on June 1, called Q1 “a double-faced quarter,” as pre-pandemic growth had been “sizeable” before everything went to hell. Karas gave a shout-out to OPAP staff for their “swift adaptation to the new norm and working conditions” and for their ability to bounce back once the retail all-clear was sounded.