Igaming growth drives strong Q1 results for OPAP
The Greek gambling operator saw revenue rise by 8.2 per cent year-on-year.
Greece.- The Greek gambling operator OPAP has reported strong first quarter results with revenue up by 8.2 per cent year-on-year at €595m. Online gambling was the biggest driver, with igaming revenue up by 19.8 per cent year-on-year to €85m, demonstrating a successful transition into the digital space.
Lottery operations were still OPAP’s biggest segment, generating 34.7 per cent of GGR at €207m. That’s a 5.5 per cent increase year-on-year. Betting revenue climbed by 13.1 per cent to €190m and video lottery terminal (VLT) revenue by 3.5 per cent to €89m. Instant and passive games generated €25.6m, a drop of 8.6 per cent.
The details of operating expenses show a drop in rental costs of 79.2 per cent year-on-year to €204,000, again indicative of a shift to the digital space as this is likely to include kiosks as well as storage space. In tandem, IT expenses rose by 19.9 per cent to €13m while utilities and telecommunications costs fell by 6.7 per cent and inventory consumption by 14.6 per cent.
OPAP CEO Jan Karas said: “Our solid organic growth, driven by continued momentum in online, makes us confident that we will deliver our outlook for 2025. Additionally, retail digitalisation is rapidly advancing through the OPAP Store App, offering personalized experiences through our Loyalty schemes. Overall, the first quarter performance places us well to achieve our growth and profitability goals, generating value for our shareholders and fulfilling our sustainability and social responsibility priorities.”
For full-year 2024, OPAP saw revenue rise by 10 per cent to €2.29bn. EBITDA for 2024 was €832m, up from €745m in 2023, and net profits rose by 18.8 per cent to €485m. OPAP’s core lottery division contributed a third of revenue, generating €774m (up 6 per cent, in part thanks to rollovers on the Tzoker lottery draws). Sports betting revenue was €746m, up 15 per cent. The majority (57 per cent) still came via retail. The online casino unit saw revenue rise by 29 per cent to €325m.
In other news from the Greek gambling sector, the Hellenic Gaming Commission (HGC) this week announced a collaborative initiative with the Health Quality Assurance Organisation (OHQA) to focus on gambling harm in Greece. It’s signed a three-year Memorandum of Cooperation (MoC) related to prevention initiatives and social support systems.
The HGC and OHQA will establish a Coordination Committee to oversee the implementation of a national strategy on gambling-related harm. This will aim to improve public awareness of responsible gaming, introduce early risk detection mechanisms, expand access to counselling services, and develop treatment and support programs for individuals and families.
