Betting and igaming drive OPAP to record revenue in 2024

Greek gambling powerhouse OPAP has reported a record-breaking €2.3 billion (£1.93 billion/$2.5 billion) in gross gaming revenue (GGR) for the financial year 2024, driven by significant growth in both its sports betting and iGaming segments.

For the year ending 31 December 2024, OPAP’s revenues exceeded the previous year’s figures, marking a remarkable 10% increase. According to data released by OPAP on 19 March, net gaming revenue also showed robust growth, rising by 9.4% to reach €1.57 billion.

OPAP experienced growth across four out of its five core segments, with double-digit increases in both betting and iGaming revenue. Despite strong performances from lottery, its primary revenue source, and video lottery terminals (VLTs), the instant and passive games declined in revenue.

The online revenue segment emerged as a standout performer, with a staggering 29.2% increase in revenue for 2024. This growth trajectory positions online operations on pace to surpass VLTs as OPAP’s third-largest revenue stream. Sports betting also contributed notably, posting a 15.6% annual increase.

OPAP’s CEO, Jan Karas, underscored the importance of these two segments during his review of the year’s performance. He attributed the “outstanding” results to significant growth in both sports betting and the iGaming sector.

“Our 2024 performance was driven primarily by robust growth in sports betting and our iGaming offering,” Karas stated. “It has also been a notable year for Tzoker, along with the recent success of the Eurojackpot launch. Additionally, our online activities reached unprecedented heights, accounting for 32% of the group’s GGR. The iLottery proposition continued to gain momentum as well.”

iGaming Revenue Surges Past €325 Million at OPAP in 2024

Analyzing each segment, OPAP’s iGaming revenue amounted to €325.3 million in 2024, comfortably surpassing the previous year’s €251.8 million and representing 14.2% of total GGR. This increase was bolstered by robust player demand from both new and returning users.

In the sports betting sector, OPAP reported revenues of €746.2 million, compared to €645.5 million in 2023. This figure solidifies sports betting as OPAP’s second-highest revenue source, contributing 32.5% to the annual GGR. Notably, 56.7% of this revenue originated from retail betting, while online wagering accounted for 43.3%.

Looking at other segments, the lottery remains dominant, generating €774.8 million in total revenue, marking a 6.1% increase over 2023 and constituting 33.7% of the overall revenue for the year.

Meanwhile, VLT revenue experienced a slight uptick of 0.1% year-on-year, totaling €344.7 million. Conversely, the instant and passive segment saw a decline of 9.3%, falling to €105.1 million as consumer preferences shifted toward other gaming options.

Net Profit Improves by 20.7% in 2024

Turning to the company’s financial bottom line, although operating expenses rose across the board, the substantial revenue growth led to a 14% increase in EBITDA, reaching €832 million.

After accounting for depreciation, amortization, and impairment charges, OPAP’s operating profit rose by 16.4% to €687 million. Furthermore, after deducting finance costs, pre-tax profit totaled €677.8 million, reflecting an increase of 18.9%.

After paying €178 million in income tax and accounting for €14 million in profit from non-controlling interests, OPAP closed the year with a net profit of €499.7 million—an impressive 20.7% increase year-on-year.

Fourth Quarter Performance Overview for OPAP

In the final quarter of 2024, OPAP’s GGR for the three-month period reached €647.8 million, increasing by 11.5%. This growth was largely propelled by advancements in both iGaming and sports betting, the latter outperforming iGaming with a remarkable 26.6% year-over-year growth compared to iGaming’s 20.9%.

Key figures for Q4 indicate that net gaming revenue rose by 11% to €443.1 million, while EBITDA increased by 16.6% to €245.1 million, aided by a decline in operating expenses.

The net profit before accounting for non-controlling interests stood at €143.5 million, reflecting a significant 30.8% increase. OPAP has yet to disclose figures for net profit after non-controlling interests have been deducted.

“Looking ahead, we remain firmly committed to enhancing customer experiences by providing exciting and innovative gaming solutions across both retail and online platforms. By leveraging technology, we aim to maintain our competitive edge,” Karas remarked.

“We are confident that these strategic initiatives will continue to foster steady growth and profitability, benefiting our shareholders while fulfilling our sustainability and social responsibility commitments.”