OPAP Reports Record-Breaking Financial Results for 2024
OPAP, Greece’s gaming operator, reported its highest-ever quarterly gross gaming revenue (GGR) in Q4 2024, reaching €647.8 million, an 11.5% increase year-over-year. This performance contributed to full-year GGR of €2.3 billion, marking a 10% rise compared to 2023.
Profitability Surges on Cost Efficiency
Gross profit from gaming operations increased by 13.8% year-over-year to €969.7 million in 2024, with Q4 gross profit reaching €277.2 million, a 17.3% increase from the previous year. OPAP also improved operational efficiency, as full-year EBITDA rose 14% to €832 million, while Q4 EBITDA grew 16.6% to €245.1 million.
Net profit for the year stood at €485.8 million, reflecting a 19% year-over-year increase, while Q4 net profit surged 32.9% to €133.7 million. The company’s strategic cost control and reduced interest expenses played a key role in achieving these figures.
Expansion of Digital Gaming and Sports Betting
Online gaming accounted for 32% of OPAP’s total GGR in 2024, showing a continued shift towards digital platforms. Sports betting revenue increased 15.6% year-over-year to €746.2 million, with Q4 sports betting GGR climbing 26.6% to €229 million. The iGaming (online casino) segment also saw significant growth, rising 29.2% year-over-year to €325.3 million.
OPAP announced a €1.40 per share dividend for 2024, including an interim dividend of €0.60 already paid in November 2024. The company also completed a €150 million share buyback.
OPAP strengthened its financial position by refinancing €390 million in loans, extending maturities to 2031-2032, ensuring long-term financial flexibility. The company’s net debt-to-EBITDA ratio stands at 0.19x, reflecting strong cash flow management.
Outlook for 2025
For 2025, OPAP expects low single-digit GGR growth and aims to maintain an EBITDA margin of around 35%. The company remains focused on expanding its digital offerings and leveraging technology to enhance customer experience while sustaining profitability.