SBC News Voice of the Sports Betting Industry
OPAP SA has chosen to reward its shareholders with a premium dividend of €500m as a reward for an exceptional year.
The dividend reward of €1.40 per share (with €0.80 remaining dividend to be paid in May 2025) closes the full-year accounts of the Athens-listed gambling group, which achieved a peak revenue result of €2.29bn, up 10% on FY2023 comparatives of €2.08bn.
Year-end trading ended on a high note, with OPAP generating an all-time-high Q4 income of €647m (Q4 2023: €580m), combined with an EBITDA contribution of €245m.
OPAP highlights consecutive years of double-digit growth in profitability as FY2024 EBITDA stands at €832m (FY2023: €745m) alongside net profits of €485m (FY2023: €408m).
Group CEO Jan Karas noted: “Q4 2024 was exceptional for OPAP, marked by record-breaking GGR and the highest recurring EBITDA of the last decade. Overall, the quarter wrapped up a highly successful year and resulted in the outperformance of our latest outlook.”
“In line with our commitment to delivering value to OPAP’s shareholders, we are delighted to propose to the upcoming AGM a total shareholder remuneration of €1.40 per share for FY’24, through the distribution of a remaining dividend of €0.80 per share in May, on top of the already paid interim dividend of €0.60 per share.”
OPAP balances online and retail growth…
A breakdown of performance by units shows OPAP’s headline lottery unit generated FY2024 revenues of €774m (+6%), supported by elevated participation in Tzoker lottery draws due to jackpot rollovers. The lottery segment remained the largest contributor to overall revenue, representing 33% of group income.
In sports betting (retail and online), OPAP generated FY2024 income of €746m, up 15% on 2023 comparatives of €645m. Double-digit growth reflected retail and online enhancements, benefiting from strong activity across a full calendar of major sporting events.
Of particular significance, OPAP maintains a balanced sports betting unit, with €324m of revenues generated via online channels (43%) and the remaining €422m via retail.
Retail growth continues to be supported by OPAP’s iGaming unit (online casino), which was once again the “standout performer,” generating a 29% increase in revenues to €325m (FY2023: €252m). This increased iGaming’s contribution to group income to 15%, highlighting OPAP’s continued success in digital transformation.
Group costs and refinancing
For 2024 OPAP total costs amounted to €600m, with expenses accounting for retail agents’ commission of €418m (+2.8%) and further direct costs of €181m (+3.2%).
Operating expenses rose by 3.% to €426m, reflecting inflationary pressures, while marketing expenses increased by 15.6% to €143m due to higher sponsorship spending. Payroll costs grew by 12.6% to €104m, driven by increased headcount and competitive compensation.
Entering 2025, OPAP has refinanced €390m in loans, extending maturities from 2025–2027 to 2031–2032 to strengthen its financial position.
For FY 2025, the company expects low single-digit GGR growth and an EBITDA margin of around 35%.CEO Jan Karas concluded: “Going forward, always having customers in mind, we are consistently focusing on providing exciting and innovative experiences in a seamless way across retail and online, leveraging technology to stay ahead of the game.
This way, we are confident that we will meet our goals of maintaining steady growth and profitability, rewarding our shareholders, and meeting our sustainability and social responsibility commitments.”
