Greek betting operator OPAP saw its net profit fall more than one-third in the second quarter as new taxes took their toll.

In the three months ending June 30, OPAP reported total wagering turnover of €1.02b, down 2% from the same period last year. But net gaming revenue fell 17.7% to €125m, earnings shrunk 26.5% to €68m and net profit fell 36.4% to €33m.

The profit decline came courtesy of the Greek government, which raised OPAP’s tax rate from 30% to 35% retroactive to January 1, 2016. Had the old rate still applied, OPAP says its Q2 profit would have risen 2.1%.

Sports betting was OPAP’s star performer in Q2, although total betting turnover was up a mere 1.2% to €94.2m – a fairly minor gain given the Euro 2016 football tournament. Lottery spending was up only 0.2% to €207m while Instant & Passive games slipped 10.2% to €36.7m.