OPAP recorded significant growth in the first quarter of 2025, as evidenced by their financial report.
Hoo-boy, OPAP's eatin' good! The Greek lottery operator's recent financials are sizzlin', with its CEO, Jan Karas, folks WEREN'T messin' around when they said the company's iGaming and sports betting divisions were kickin' ass.
Let's dive into the juicy details.
During the first quarter, OPAP raked in an impressive €595.0 million in gross gaming revenue (GGR), marking an 8.2% year-over-year (YoY) growth. However, compared to Q4's €647.8 million, GGR took a small 8.2% hit. Net revenue, calculated by subtracting duties and levies from GGR, climbed 7.9% YoY, reaching €406.4 million.
Wanna know the secret to this growth spurt? The iGaming division, baby! It busted through with a 19.8% revenue boost, followed by gains in the sports betting sector. Despite the digital channels' surge, lottery remained OPAP's principal revenue source.
Jan Karas, OPAP's CEO, couldn't resist bragging about their success:
The first quarter of 2025 was a banger! Our solid organic growth, fueled by online's continuous growth, makes us confident we'll nail our 2025 outlook.
Sports betting and iGaming been bulls this time around. Tzoker's had a lucky streak thanks to jackpot rollovers and a record-breaking jackpot in January. And the OPAP Store App, our retail digital hero,'s been steadily advancin' digitalization with its loyalty schemes for a killer personalized experience.
The iGaming division? It's the star of the show again, with revenue skyrocketing 19.8% to €84.9 million. What's driving this growth? More players hoppin' on board and spending more, showin' a strong engagement across digital channels[1][3]. And guess what? iGaming snatched the biggest slice of OPAP's online revenue pie, accounting for 48.1%, followed by sports betting at 45.0% and lottery at 6.9%.
Sports betting revenue budded 12.8% YoY, hitting €190.0 million. The boost came from hefty sports bettin' calendars and sweet winnings for OPAP, particularly at the start of the quarter[5]. Additionally, OPAP scored from favorable betting margins during January and February.
Lottery revenue edged up 5.5% YoY, reaching €206.8 million, mainly thanks to Tzoker's solid performance, aided by a stunning €19.5 million jackpot in the opening stages of the quarter[1][5]. Retail outlets remained the primary sales channel, accountin' for 94.2% of lottery sales.
VLT revenue ticked up 1.5% YoY to €87.8 million, while the instant and passives segment continued slidin' downhill, with revenue dropin' 7.9% YoY to €25.6 million[1].
Expenses went through the roof during the quarter as OPAP coughed up more gross gaming revenue contributions and levies, reachin' €188.7 million YoY. Despite these escalating costs, strong revenue performance propelled an 8.8% increase in EBITDA (earnings before interest, taxes, depreciation, and amortization) to €207.1 million[2]. After deductin' depreciation and amortization, operating profit swelled by 10.3% to €173.1 million.
Pre-tax earnings grew 9.8% YoY to €171.0 million. After payin' €44.6 million in income tax, OPAP's net profit landed at a handsome €126.4 million, markin' a 9.2% improvement over the same period last year[2].
Jan Karas couldn't resist dishes out a few more words:
From here on, we're keepin' it customer-focused, divin' into thrillin' experiences in retail and online and leanin' on tech innovation to stay ahead of the game.
What's more, forge ahead as part of Allwyn's family, we'll offer our customers somethin' unique. All told, our Q1 results put us in a prime spot to crush our growth and profitability goals, makin' shareholders happy and fulfillin' our sustainability and social responsibility commitments.
[1] https://www.globenewswire.com/news-release/2025/05/10/2617091/0/en/OPAP-reports-Q1-2025-results-with-strong-organic-growth-across-all-key-business-areas-and-a-robust-performance-in-online.html
[2] https://finance.yahoo.com/news/opap-bets-stronger-digital-growth-170700787.html
[3] https://www.euromoney.com/article/gaming/opap/opap-ceo-praises-strong-performance-of-igaming-and-sports-betting-divisions
[5] https://www.gamingamerica.com/articles/50515/news-bulletin-opap-ceo-jan-karas-comments-on-cautious-optimism-form-strong-q1-results
In light of the impressive growth in the sports betting and iGaming sectors, it's interesting to consider the intersection of these industries with finance and technology. The success of OPAP can be associated with financial growth, but also with advancements in technology that have enabled improved digital experiences for customers, contributing to increased engagement and revenue.
Moreover, as these digital segments (iGaming and sports betting) continue to expand, they encroach upon the traditional business landscape, demonstrating the disruptive potential of technology in various industries. This trend could continue as OPAP intertwines their digital strategy with unique offerings from their association with Allwyn, further blending the worlds of sports betting, finance, business, and technology.
