OPAP revenue continues to climb ahead of Allwyn merger
The Greek gambling operator has reported record annual gross gaming revenue.
Greece.- OPAP has reported record gross gaming revenue (GGR) for 2025, driven primarily by strong growth in its igaming division as the Greek gambling operator advances towards its merger with Allwyn. For the 12 months ending December 31, it posted €2.4bn in gross gaming revenue, up 4.9 per cent year-on-year.
All segments recorded gains during the year. Igaming revenue rose 16.9 per cent to €350.6m. Video lottery terminals (VLTs) also delivered solid growth, climbing 6 per cent to €365.6m.
Lottery remained OPAP’s largest revenue stream, rising 3.7 per cent to €803.7m. Betting edged up 1.4 per cent to €782.2m while instant games and passives saw a more modest rise of 0.7 per cent to €105.8m.
Profitability dipped slightly as operating expenses rose 15 per cent year-on-year. EBITDA fell 0.9 per cent to €824.6m, while net profit slipped 0.5 per cent to €483.4m.
OPAP is currently undergoing a major transformation via a merger with Allwyn International, which will create the world’s second largest publicly listed lottery operator valued at €16bn. Allwyn is set to redomicile in Luxembourg and rebrand as Allwyn AG, with completion expected in Q2 2026.
OPAP CEO Jan Karas said: “Looking ahead, we are excited about the business combination of OPAP and Allwyn, which creates one of the leading global lottery and gaming operators and delivers both strategic and financial benefits to our shareholders.
“Overall, a new era, the era of Allwyn, has started and we are looking forward to a new chapter of growth, powered by market-leading innovations, unique entertainment experiences and a strong commitment to giving back to society.”
Allwyn confirmed this week that it had dropped its earlier proposal to acquire the majority of Greece’s Novibet due to competition concerns raised by the Hellenic Competition Commission. Remedies discussed during the process were reportedly seen as insufficient to preserve the deal’s value, prompting Allwyn and Novibet’s parent Logflex to jointly withdraw the proposed transaction.
