Greek gambling giant OPA sees revenue rise 17.6% in Q3
The gambling operator saw double-digit growth across lottery, sports betting and online casino.
Greece.- Double-digit growth in lottery, online casino and sports betting drove OPAP’s revenue up by 17.6 per cent year-on-year in Q3. The Greek gambling operator reported quarterly revenue of €565.8m compared to €481m in Q3 of 2023.
Four of the company’s five core divisions saw revenue growth. Lottery remained the biggest contributor, generating €200m in the quarter, up by 20.5 per cent. Retail performance was strong, and a second-highest-ever Tzoker Mega jackpot also helped drive sales in the segment.
Online casino revenue leapt 48.3 per cent year-on-year to €92.7m. OPAP said it had benefited from increased player engagement. Meanwhile, video lottery terminal (VLT) revenue was up just 0.7 per cent at €83.5m. OPAP ascribed this more lacklustre growth to a downturn in consumer spending amid higher inflation.
Sports betting revenue was up by 16.1 per cent at €167.1m, aided by the end of the Euro 2024 tournament at the start of the quarter. The comparison was also low due customer-friendly results in Q3 of 2023. Finally, the only segment that fell was instant and passives, where revenue dropped by 11.9 per cent to €22.5m due to poor scratchcard and Laiko sales.
Net gaming revenue after agent commissions and other direct costs was up by 17.8 per cent at €386.8m. Gross profit from gaming was up by 25 per cent at €241.9m, EBITDA rose by 46.6 per cent to €213.2m and net profit was up 44.7 per cent at €120.5m.
Revenue for the first nine months of the year stands at €1.65bn, up by 9 per cent. Pre-tax profit was €486.2m, up 17.8 per cent.
OPAP CEO and chairman Jan Karas said: “Following solid performance in the first half of 2024, OPAP has delivered strong results for Q3. Positive trends continued for sports betting in both channels, driven by a full sports events calendar. Moreover, the online casino vertical sustained its momentum, playing a key role in the growth of our online business.”
Karas added: “Overall, we remain confident that we are well-positioned to meet OPAP’s financial and business objectives for the full year, as well as to deliver on the upper end of our 2024 outlook.”
