Austerity tax revenue has dragged the third-quarter profit of Greece-based OPAP down to 40 percent.

OPAP, Europe’s fourth-biggest betting firm, saw its profit tumbling to 29.3 million euros ($31 million) in the July to September 2016 period compared to the 49.1 million euros in the same period a year ago, according to Dailymail.

It fell short of analysts’ average forecast for net profit of 33.4 million euros (US$35.20 million).

The drop in the profit of OPAP was attributed to a retroactive tax hike on gaming revenue that it has generated since the start of the year. Greece implemented a tax hike on OPAP’s revenue by 5 percentage points to 35 percent as part of an international bailout, the third since 2010.