Greek gambling giant OPAP recorded a stellar 17.6% year-on-year growth in Q3 revenue, reaching €565.8 million, propelled by strong performance across lottery, sports betting, and online casino segments. Online casino stood out with a 48.3% revenue surge, while net profit soared by 44.7% to €120.5 million. Despite inflationary pressures affecting some areas, OPAP’s diversified portfolio ensured continued growth, positioning it as a leader in the gaming sector.

Revenue Reaches €565.8 Million with Double-Digit Growth Across Key Segments

Impressive Year-on-Year Growth: OPAP reported gross gaming revenue (GGR) of €565.8 million for Q3, up from €481 million in the same period last year, marking a 17.6% increase. This performance reflects sustained growth across multiple divisions, underpinned by strategic investments in player engagement and retail.

Core Divisions Drive Performance: Four out of five core segments showed positive momentum. Lottery led the way with €200 million in revenue, while online casino revenue surged by 48.3%, signaling a shift in consumer preferences toward digital platforms.

Online Casino Emerges as the Star Performer

Record-Breaking Growth: The online casino division posted revenue of €92.7 million in Q3, continuing a trend of double-digit increases from Q1 and Q2. Enhanced player engagement and improved digital offerings contributed to this remarkable performance.

Sectoral Impact: Online casino’s growth significantly outpaced other segments, reflecting OPAP’s strategic focus on expanding its digital footprint to cater to evolving market demands.

Lottery Revenue Boosted by Tzoker’s Mega Jackpot

Lottery Remains a Pillar of Stability: The lottery division generated €200 million, a 20.5% increase year-on-year. OPAP attributed this growth to strong retail sales and the excitement surrounding Tzoker’s Mega jackpot, the second largest in the game’s history.

Retail Resilience: The segment’s robust retail performance highlights its enduring appeal among traditional players, even as digital channels gain traction.

Sports Betting Gains Momentum Amid Busy Calendar

Sporting Events Fuel Growth: Sports betting revenue rose 16.1% to €167.1 million in Q3, aided by a packed sporting calendar, including the latter stages of Euro 2024 qualifiers. Favorable market conditions and fewer customer-friendly outcomes compared to Q3 2023 also contributed to the increase.

Mixed Performance Across Other Segments

Video Lottery Terminal (VLT) Revenue Growth: VLT revenue grew marginally by 0.7% to €83.5 million, with OPAP citing inflationary pressures and cautious consumer spending as limiting factors.

Decline in Instant and Passives Segment: Revenue from instant and passives fell 11.9% to €22.5 million, driven by weaker scratchcard and Laiko game performance. This decline underscores challenges in maintaining momentum across legacy products.

Profitability Rises on Strong Revenue and Cost Management

Net Gaming Revenue Climbs: After accounting for agent commissions and direct costs, net gaming revenue grew by 17.8% to €386.8 million, demonstrating effective cost management.

Operating Costs Decline: Operating expenses fell by 12.2% to €100.6 million, despite increased spending on marketing and payroll, showcasing OPAP’s ability to optimize operational efficiency.

EBITDA Soars: EBITDA for Q3 jumped 46.6% to €213.2 million, with a 37.7% margin. Net profit increased by 44.7% to €120.5 million, highlighting the company’s robust financial health.

Year-to-Date Revenue Surpasses €1.65 Billion

Consistent Growth Across 2024: For the nine months ending September, revenue reached €1.65 billion, a 9.4% increase year-on-year. Online casino maintained its position as the fastest-growing segment, with a 32.8% rise, while lottery contributed the highest revenue at €573.1 million.

Improved Profitability Metrics: Year-to-date net gaming revenue climbed 8.7% to €1.13 billion, and EBITDA increased 12.9% to €586.9 million. Pre-tax profit rose 17.8% to €486.2 million, with net profit after tax growing 14.1% to €360.3 million.