OPAP Reports 17.6% Revenue Growth in Q3, Online Casino Leads the Charge
Greek gambling giant OPAP has reported a 17.6% year-on-year increase in gross gaming revenue (GGR) for the third quarter of 2024, reaching €565.8m ($596.6m). The results surpassed the €481m recorded in the same period last year, driven by strong performance in most major segments, including online casino, sports betting and lottery.
Online Casino Emerges as the Standout Performer
Online casino revenue surged 48.3% in Q3, reaching €92.7 million, marking it as the fastest-growing segment for OPAP. This performance builds on consistent double-digit growth in Q1 and Q2, with higher player engagement cited as a key factor.
The lottery segment, traditionally OPAP’s largest revenue generator, posted a 20.5% increase to €200 million. This growth was largely attributed to robust retail performance and the excitement surrounding Tzoker’s Mega jackpot, the second-largest in the game’s history.
Mixed Results Across Other Segments
Sports betting revenue rose 16.1% to €167.1 million, bolstered by a packed sporting calendar that included football’s Euro 2024 qualifiers.
Video lottery terminals (VLTs) showed modest growth of 0.7%, with revenue reaching €83.5 million. OPAP attributed this slower growth to inflationary pressures and cautious consumer behavior.
In contrast, the instant and passives segment saw an 11.9% decline in revenue to €22.5 million, reflecting weaker performances in scratchcards and Laiko games.
Operating Profit and Net Profit Soar
Net gaming revenue after commissions increased 17.8% to €386.8 million. Operating costs dropped by 12.2% to €100.6 million despite increased marketing and payroll expenditures, contributing to an impressive 25% growth in gross profit from gaming operations, which reached €241.9 million.
EBITDA climbed 46.6% year-on-year to €213.2 million, achieving a margin of 37.7%. Net profit surged 44.7% to €120.5 million, with earnings per share rising by 47.7%.
Year-to-Date Performance
For the nine months ending September 30, 2024, OPAP’s revenue reached €1.65 billion, a 9.4% increase compared to the previous year. Online casino revenue saw the largest growth (32.8%), while lottery remained the top revenue contributor with €573.1 million.
Net gaming revenue for the period rose 8.7% to €1.13 billion. Operating profit improved by 13.4% to €478.3 million, while net profit after tax climbed 14.1% to €360.3 million. Year-to-date EBITDA increased by 12.9% to €586.9 million.
Commenting on the results, OPAP CEO and newly appointed chairman Jan Karas highlighted the company’s strong performance across multiple verticals, particularly online casino and sports betting.
“Positive trends continued for sports betting in both channels, driven by a full sports events calendar. Moreover, the online casino vertical sustained its momentum, playing a key role in the substantial growth of our online business,” Karas said.
Looking ahead, Karas expressed confidence that OPAP will meet or exceed its full-year guidance of €2.15–€2.20 billion in revenue and €750–€770 million in EBITDA.
