OPAP Revenue Hits €595M In Q1 As iGaming And Sports Betting Grow
Greece’s OPAP reported gross gaming revenue of €595 million ($677.6 million) in Q1 2025, up 8.2% year-on-year. The growth was fueled by strong performances in iGaming and sports betting, despite a sequential decline from Q4 2024.
iGaming And Sports Betting Drive Growth
OPAP’s gross gaming revenue (GGR) rose from €549.7 million in Q1 2024 to €595.0 million in Q1 2025. The largest contribution came from lottery games, but online segments saw the fastest growth. Igaming revenue increased by 19.8% to €84.9 million, making up 48.1% of OPAP’s online revenue. Sports betting grew 12.8% year-on-year, reaching €190 million, split between €79 million online and €111 million retail.
Net gaming revenue (GGR minus levies and duties) rose 7.9% to €406.4 million. EBITDA improved by 8.8% to €207.1 million, while operating profit increased 10.3% to €173.1 million. Pre-tax profit reached €171 million, and net profit rose 9.2% to €126.4 million, despite higher expenses.
Retail And Lottery Remain Strong
Retail lottery revenue reached €206.8 million, up 5.5%, largely driven by strong performance in Tzoker, including a record €19.5 million jackpot. Retail operations accounted for 94.2% of all lottery income. Video lottery terminals generated €87.8 million (up 1.5%), while instant and passive games declined 7.9% to €25.6 million.
OPAP CEO Jan Karas said the strong Q1 performance was driven by organic growth, particularly online, and supported by initiatives like the OPAP Store app and loyalty programs. He emphasized confidence in delivering on 2025 growth and profitability targets while leveraging OPAP’s integration with Allwyn to offer enhanced customer experiences.