OPAP reports rise in full-year gross gaming revenue

GGR was up 7.7 per cent year-on-year.

Greece.- OPAP has reported revenue of €2.08bn for 2023. Gross gaming revenue was up 7.7 per cent year-on-year, with growth across all core segments.

Lottery remained the largest source of revenue, contributing €730m. That represents a rise of 2.9 per cent from 2022, and the group highlighted strong KINO results. Sports betting revenue rose by 6.9 per cent to €645.5m driven by Powerspin and virtual products.

Video lottery terminal revenue was up 8.2 per cent at €344.5m, while instant and passives revenue was up 7.4 per cent at €115.9m. Online casino saw the strongest growth, climbing 26.2 per cent year-on-year to €251.8m.

Despite the rise in GGR, net profit for 2023 was down 31.1 per cent at €408.3m. EBITDA slipped slightly to €730m. The group was hit with a €24.5m fine from the Hellenic Gaming Commission in October for abuse of its strong position in the Greek market. 

For 2024, the group has published preliminary guidance of revenue between €2.15bn and €2.2bn. It forecasts EBITDA between €750m and €770m.

CEO Jan Karas said: “OPAP concluded 2023 with the strongest ever Q4 and record revenues. This development clearly reflects the consistent and effective implementation of our business strategy throughout the year, as well as our ability to pursue and achieve ambitious goals.

“In Q4, both our retail and online business posted solid growth, driven by our continuous focus on digitalisation. As a result of last quarter’s positive financial and operating performance, recurring EBITDA outperformed our latest outlook.”