OPAP Sets New Revenue Record in FY 2023 Amidst Digital Growth

Prepared in accordance with International Financial Reporting Standards (IFRS), the results highlight a year of broad-based growth, leading to a new €2 billion Gross Gaming Revenue (GGR) milestone.

Record-Breaking Financial Performance

In FY 2023, OPAP achieved an impressive Gross Gaming Revenue of €2,087.7 million, marking a 7.7% year-over-year increase from €1,939.0 million in FY 2022. This growth was buoyed by a robust online performance coupled with solid retail growth. The fourth quarter of 2023 alone saw a GGR of €581.2 million, up 7.5% year-over-year, attributed to the normalization of sportsbook payout and positive outcomes from the revamp of draw-based games.

Gross Profit from gaming operations in FY 2023 rose by 6.7% year-over-year to €852.3 million, representing a strong 41% margin, thanks to top-line growth. Operating expenses for the year were €413.6 million, up 13.3% from the previous year, to support the increased revenues. However, on a comparable basis and excluding one-off items, the year’s operating expenses saw a more modest increase of 8.0%.

EBITDA and Net Profit Insights

EBITDA for FY 2023 remained stable at €730.0 million, with a slight 0.8% decrease from FY 2022’s €736.0 million. Nonetheless, on a recurring basis, EBITDA stood at €744.9 million, slightly down by 0.2% year-over-year, surpassing the latest outlook. Net Profit for the year was €408.3 million, experiencing a 31.1% decrease from the previous year, primarily due to a one-off profit in 2022. However, when adjusting for one-off items, Net Profit for FY 2023 was €439.3 million, showing a marginal 0.7% increase year-over-year.

CEO’s Commentary and Future Outlook

Jan Karas, CEO of OPAP, commented on the results, emphasizing the significance of achieving the strongest Q4 ever and record revenues in 2023. “This development clearly reflects the consistent and effective implementation of our business strategy throughout the year, as well as our ability to pursue and achieve ambitious goals,” said Karas.

He highlighted the solid growth in both retail and online sectors, driven by OPAP’s focus on digitalization.

In line with OPAP’s commitment to shareholder value, the company announced a total shareholder remuneration of €1.85 per share for FY 2023, which includes an already paid interim dividend of €1.00 per share.

Looking ahead to FY 2024, OPAP anticipates a GGR between €2,150 million and €2,200 million, with an EBITDA projection of €750 million to €770 million. This outlook reflects OPAP’s continued commitment to upgrading its offerings, securing growth and profitability, and achieving its sustainability and social responsibility objectives.

Our Comment on the Article

OPAP’s financial performance in FY 2023 is a testament to the company’s resilience and adaptability in a dynamic market. The record-high revenues and stable EBITDA, amidst the backdrop of digital transformation and retail enhancement, showcase OPAP’s strategic foresight and operational excellence.

As OPAP continues to navigate the evolving gaming landscape, its focus on digitalization, product innovation, and customer satisfaction positions it well for sustained growth and shareholder value creation in the years to come.