OPAP’s Strong Start: Jan Karas Reflects on Growth from iGaming and Sports Betting
In a noteworthy development, OPAP, under Allwyn’s ownership, has announced an impressive 8.2% increase in revenue year-on-year during the first quarter, primarily fueled by substantial growth in its iGaming and sports betting sectors.
For the three-month period ending May 30, the company reported a gross gaming revenue of €595 million ($677.6 million), according to official data. This marks an increase from €549.7 million in the same quarter last year, though it represents an 8.2% decline from the previous quarter’s figure of €647.8 million.
Net revenue, calculated after deductions for levies and duties, stood at €406.4 million, showing a 7.9% rise compared to last year.
In terms of performance by segment, nearly all of OPAP’s core business areas saw revenue rises, with the iGaming division leading the way with an impressive growth rate of 19.8%. While sports betting also experienced an uptick, the lottery segment continues to be the cornerstone of the group’s revenue.
"Q1 of 2025 has started off strongly for us," said OPAP CEO Jan Karas. "With our organic growth trajectory and sustained online momentum, we’re optimistic about meeting our objectives for the year."
Key contributors to these results included sports betting and iGaming, with Tzoker benefiting from favorable jackpot rollovers earlier in the year. Additionally, digital advancements in retail through the OPAP Store app are enhancing customer experiences via tailored loyalty programs.
iGaming Dominates Online Revenue Landscape
Examining the specifics of Q1’s performance, the iGaming sector emerged as a standout, achieving a 19.8% revenue increase to reach €84.9 million. This surge highlights rising player engagement and spending levels.
iGaming constituted a significant 48.1% of OPAP’s online revenue in the quarter, outpacing sports betting at 45% and the lottery at 6.9%.
On the sports betting front, revenue surged by 12.8% to €190 million, with online contributions totaling €79 million and retail revenues at €111 million. OPAP’s positive performance was driven by favorable outcomes in January and February.
Lottery revenue, meanwhile, rose by 5.5% to €206.8 million, bolstered by an extraordinary Tzoker event featuring a €19.5 million jackpot—record-breaking for the game. Notably, retail channels accounted for 94.2% of total lottery revenue during this period.
In terms of other revenue streams, video lottery terminals saw a modest increase of 1.5%, reaching €87.8 million. However, revenue from the instant and passive games sector declined by 7.9% to €25.6 million, mirroring trends from previous quarters.
Net Profit on the Rise
Examining financial expenditures, OPAP faced overall cost increases during the quarter, including heightened gross gaming revenue contributions and other levies, now totaling €188.7 million year-on-year.
Despite these rising costs, revenue growth allowed EBITDA to climb by 8.8% to €207.1 million. After accounting for depreciation and amortization, the operating profit reached €173.1 million, a 10.3% improvement.
Pre-tax profit also showed a positive trend, rising by 9.8% to hit €171 million. After deducting €44.6 million in taxes, OPAP’s net profit for the quarter reached €126.4 million, reflecting a growth rate of 9.2%.
Karas concluded, “As we look ahead, our commitment to placing customers at the heart of our operations remains unwavering. We aim to create thrilling experiences both in retail and online, leveraging innovative technologies to maintain our competitive edge. The Q1 results position us well for sustained growth and value creation for our shareholders, while also fulfilling our commitments to sustainability and social responsibility.”