OPAP nets 26% profit jump as units return to full strength

OPAP SA has hailed its full-unit business recovery, as the company records a strong end of year performance to offset early 2021 COVID-19 headwinds.

Publishing its full-year 2021 results, the Athens-listed gambling group reported corporate revenues of €1.58 billion, up 36% on FY2020 results of €1.13 billion. 

Headline growth was attributed to the full-strength return of its lottery unit during Q4, combined with continued growth of Stoiximan assets as Q4 revenues stood at €498 million, up 115% on 2020 results of €230 million.

A breakdown of unit performance saw OPAP’s flagship lottery division achieve FY2021 sales of €550 million (FY2020: €519m).

 Consolidating the Stoiximan sportsbook unit, OPAP reported a 68% increase in betting revenues (online and retail) to €521 million (FY2020:€310m). Further Stoiximan related gains, saw OPAP surge its online casino revenues to €184 million (FY2020: €24m).

Returning its lottery unit back to full-strength and increasing its marketing spend, OPAP reported operating expenses of €321 million.

Improved lottery results saw OPAP’s FY2021 EBITDA rise by 111% to €550 million (FY2020: €260m), – the group’s earnings result further benefitted from the extension of a concession agreement that is valued at €217 million.  

Net Profit in FY 2021 stood at €259.4m (FY 2020: €205.2m) up by 26.4% as the group benefited from increased operating profitability of its units combined with a lower corporate tax rate applied during year trading. 

Jan Karas, CEO of OPAP, commented: “OPAP reaffirmed the strength of its business model, posting robust results and a solid financial position in 2021, despite persisting pandemic challenges. Overall, Q421 was historically one of the best performing quarters, in terms of GGR, and cash reserves were further expanded.

“Our retail business demonstrated high resilience, with recovery ramping up, even though our stores had to suspend operations for several months and adjust to strict healthcare restrictions after reopening. Our comprehensive commercial plan and well-accepted loyalty programmes played a key role to this end.

“Online remained a key growth driver for OPAP, even after retail reopening. Our online customer base grew further, supported by upgraded front-ends and targeted CRM activities. Our dual strategy continued paying off, with Stoiximan’s full consolidation clearly aiding our performance”.