OPAP CEO Jan Karas has praised the strong performance of the company’s iGaming and sports betting divisions, expressing confidence in meeting full-year financial targets.
The Greek lottery operator, owned by Allwyn, saw its revenue grow by 8.2% year-on-year in Q1, largely driven by double-digit gains in these segments.
In the three months leading up to 30 May, OPAP reported gross gaming revenue (GGR) of €595.0 million ($677.6 million), up from €549.7 million in the same period last year. However, this marked an 8.2% decline compared to Q4’s €647.8 million. Net revenue, calculated as GGR minus levies and duties, rose 7.9% year-on-year to €406.4 million.
Nearly all of OPAP’s core business areas posted growth during the quarter. The iGaming division led the way with a 19.8% revenue increase, followed by gains in sports betting. Despite the growth in digital channels, lottery continues to be OPAP’s primary revenue driver.
Jan Karas, OPAP CEO, mentioned:
2025 has started well with a set of robust Q1 results. Our solid organic growth, driven by continued momentum in online, makes us confident that we will deliver our outlook for 2025.
Major drivers for this success have been sports betting and igaming. Tzoker benefited from favourable jackpot rollovers and the record-breaking jackpot in January. Additionally, retail digitalisation is rapidly advancing through the OPAP Store App, offering personalised experiences through our loyalty schemes.
In Q1, OPAP’s standout performer was once again its iGaming division, which saw revenue climb 19.8% to €84.9 million. The growth was fueled by increased player activity and higher spending levels, highlighting strong engagement across digital channels.
iGaming made up the largest share of OPAP’s online revenue, contributing 48.1%, ahead of sports betting at 45.0% and lottery at 6.9%.
Sports betting revenue rose 12.8% year-on-year to €190.0 million, with €79.0 million generated online and €111.0 million from retail outlets. OPAP benefited from favorable betting margins, particularly in January and February.
Lottery revenue also grew modestly, increasing 5.5% to €206.8 million. This was largely driven by a strong performance from the Tzoker game, boosted by a record €19.5 million jackpot early in the quarter. Retail outlets remained the dominant channel, accounting for 94.2% of lottery sales.
Among OPAP’s other operations, video lottery terminal (VLT) revenue rose 1.5% to €87.8 million. However, the instant and passives segment continued its downward trend, with revenue falling 7.9% to €25.6 million, marking a decline consistent with both Q4 2024 and full-year performance.
OPAP saw a rise in expenses across all areas during the quarter, with gross gaming revenue contributions and other levies increasing year-on-year to €188.7 million.
Despite the higher costs, strong revenue performance led to an 8.8% increase in EBITDA, which reached €207.1 million. After accounting for depreciation and amortisation, operating profit grew by 10.3% to €173.1 million.
Pre-tax earnings rose 9.8% year-on-year to €171.0 million. Following a €44.6 million income tax payment, OPAP’s net profit for the quarter came in at €126.4 million-marking a 9.2% improvement over the same period last year.
Jan Karas, OPAP CEO, added:
Moving forward, we continue to put customers at the centre of everything we do, focusing on delivering exciting experiences in both retail and online, and leveraging innovative technology to stay ahead of the game.
At the same time, utilising the fact that OPAP is part of Allwyn we will continue offering unique experiences to our customers. Overall, the Q1 performance places us well to achieve our growth and profitability goals, generating value for our shareholders and fulfilling our sustainability and social responsibility priorities.
