OPAP reports strong Q1 2025 growth
OPAP’s CEO, Jan Karas, has recently highlighted the impressive performance of the company’s iGaming and sports betting divisions, expressing strong confidence in achieving full-year financial targets.
As a key player in the Greek lottery market and a subsidiary of Allwyn, OPAP reported a year-on-year revenue increase of 8.2%, primarily fueled by robust growth in its digital segments.
In the quarter ending May 30, OPAP’s gross gaming revenue (GGR) reached €595.0 million ($677.6 million), a notable rise from €549.7 million during the same period last year. However, this represents an 8.2% decline from the previous quarter’s €647.8 million. Net revenue—GGR adjusted for levies and duties—grew by 7.9% year-on-year, totaling €406.4 million.
Almost all of OPAP’s core business segments recorded growth over the quarter. Leading the charge was the iGaming division, which achieved a remarkable 19.8% revenue increase. The sports betting sector also exhibited strong gains, but despite the digital growth, lottery remains OPAP’s primary revenue source.
Jan Karas remarked:
“The start of 2025 has been promising, evidenced by our robust Q1 results. Our substantial organic growth, driven by ongoing momentum in online platforms, makes us confident in meeting our outlook for the year.”
Key factors contributing to this success include advancements in sports betting and iGaming. The Tzoker lottery benefitted from favorable jackpot rollovers, notably the record €19.5 million jackpot. Moreover, retail digitization is progressing rapidly through the OPAP Store App, which enhances personalized experiences via our loyalty programs.
During Q1, OPAP’s iGaming division emerged as the standout performer, with revenues surging 19.8% to €84.9 million, propelled by increased player engagement and higher spending levels across digital platforms.
iGaming now constitutes the largest share of OPAP’s online revenue, contributing 48.1%, followed closely by sports betting at 45.0% and lottery at 6.9%.
Sports betting revenue climbed 12.8% year-on-year, reaching €190.0 million, with €79.0 million coming from online channels and €111.0 million from retail venues. OPAP benefitted from favorable betting margins, particularly during the months of January and February.
Lottery revenue saw modest growth, increasing by 5.5% to €206.8 million, largely driven by a strong performance from the Tzoker game, which benefitted from the record-breaking jackpot early in the quarter. Retail remained the dominant channel, accounting for an impressive 94.2% of lottery sales.
In addition, OPAP’s video lottery terminal (VLT) revenue increased by 1.5% to €87.8 million, although the instant and passive gaming segment experienced a decline, with revenues falling 7.9% to €25.6 million—a trend consistent with both Q4 2024 and full-year performance.
During the quarter, OPAP experienced rising expenses across all business areas, with contributions to gross gaming revenue and other levies increasing year-on-year by €188.7 million.
Despite the escalating costs, the solid revenue performance resulted in an 8.8% rise in EBITDA, which reached €207.1 million. After factoring in depreciation and amortization, operating profit grew by 10.3% to €173.1 million.
Pre-tax earnings improved by 9.8% year-on-year to €171.0 million. Following a tax payment of €44.6 million, OPAP’s net profit for the quarter totaled €126.4 million, reflecting a 9.2% increase compared to the same period last year.
Karas further commented:
“Looking ahead, we remain steadfast in placing our customers at the heart of our operations, focusing on delivering captivating experiences both online and in retail. We will leverage innovative technology to maintain our competitive edge.”
“As part of Allwyn, we are committed to providing unique experiences for our customers. Overall, our Q1 performance positions us well to achieve growth and profitability targets, creating value for our shareholders while addressing our sustainability and social responsibility objectives.”
