OPAP reports strong H1 performance on back of retail rebound

OPAP reported gross gambling revenue of €899.3m for H1.
OPAP reported gross gambling revenue of €899.3m for H1.

The Greek gaming operator OPAP saw gross gambling revenue increase by 57.7 per cent year-on-year.

Greece.- OPAP has reported gross gambling revenue of €899.3m for H1, a 57.7 per cent increase year-on-year thanks to a full six months with retail operations running again. Lottery sales were particularly strong following the reopening of retail outlets, rising 79.2 per cent to €335.1m.

Sports betting revenue rose 33.9 per cent to €286.6m, and video lottery terminal revenues almost four times to €143.9m, compared to €36.1m in the same half last year. OPAP noted that this had also been aided by an improvement in its product mix and the replacement of over 1,500 video lottery terminals.

OPAP said customer spending on gaming had so far held up despite the impact of economic pressures on other sectors.

EBITDA for the half was €335.7m, up from €204.8m in H1 2021. Net profit was up by 111.9 per cent to €167.2m.

OPAP chief executive Jan Karas said: “OPAP delivered a solid set of Q2 results thanks to our retail operating at full force and the leveraging of growth opportunities across our portfolio. New Tzoker.gr frontends, the new OPAP Store app, Powerspin extended with the combo feature, renewed Laiko lottery together with a variety of engaging customer promos amplified our players’ entertainment experience in both online and retail channels.

“Additionally, the successful leveraging of customer data collected through our loyalty programme contributes to increased player activity. OPAP remains well positioned to deliver resilient revenues and profitability, and its long-term strategic priorities in a sustainable and responsible way for all stakeholders.”

Earlier this week, the rebranded Czech lottery and gaming giant Allwyn reported strong results for the second quarter. The company, which has won the licence to run the UK National Lottery from 2024, reported gross gaming revenue of €902m, up 23 per cent against Q2 2021.

It said it had seen “continued organic growth and a more normalised operational environment in certain geographies” despite the challenges of higher inflation in some markets. It said that the impact of inflation on demand for its products had been limited due to its “low price point and low average spend per customer” combined with the large number of regular players.

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