SBC News OPAP doubles 2022 profits as units hit peak Q4 performance  

OPAP doubles 2022 profits as units hit peak Q4 performance  

OPAP SA reports on an outstanding 2022 financial performance, as the Athens-listed gambling group outperforms all corporate expectations. 

Publishing its full-year 2022 results, the Greek gambling and lotteries group achieved record corporate revenues of €1.93bn, up 26% on FY2021 comparative results of €1.53bn.

Peak revenues results were achieved off the back of a stellar Q4 trading that generated an all-time high GGR of €540m (Q42021: €498m) – reflecting “increased retail footfall and playability across channels, also driven by the World Cup and notwithstanding players’ friendly match results.”

Reporting growth across all business segments and strengthened online performance, OPAP FY2022 gross profits of €798m up 31% on corresponding FY2021 results of €605m.

Group CEO, Jan Karas, commented: “OPAP reported a record-high quarterly performance in Q4, rounding off a remarkable year, with tangible progress in the implementation of our strategic objectives and increased activity across our channels.”

“We responded to our customers’ needs and expectations by launching a revamped and competitive OPAP online sports betting proposition, aiming to deliver an even more entertaining experience.”

“At the same time, the in-store digital offering upgrade is well on track and bearing fruits, supporting the expansion of our overall customer base and network footfall.”

A breakdown of unit performance saw OPAP’s primary lottery unit generate €709m in revenue, a 29.2% increase from 2021, as it experienced robust trading compared to the lockdowns and pandemic restrictions of the previous year.

Sports Betting revenue experienced 15.8% growth to €604m, thanks to the uninterrupted retail operation throughout 2022 and a significant online contribution. Meanwhile, video lottery terminal (VLT) revenue saw a 63.6% YoY increase, reaching €318.4m.

Revenue from instant and passive games also rose by 21.5% to €108m, while online casino revenue experienced a moderate 7.9% growth, amounting to €200m.

Regarding expenditures, operating costs for the year climbed 13.5% to €365m, and net finance expenses reached €40m. However, the considerable revenue growth led to a more than doubled pre-tax profit, from €357m to €723m. 

Closing its FY2022 accounts, OPAP registered record net profits of €592m – doubling the 2021 comparative of €259m, in which Q4 contributed €306m of profits accounting for a €181m generated by the sale of Betano brand.

On a like-for-like basis, excluding one-off items, FY’22 net profit was €436m, a 73% year-on-year increase, and in Q4’22, it was €128m, a 48% year-on-year increase, demonstrating improved margins.

“Looking ahead, we will focus on showcasing our retail estate as local affordable entertainment destination,” Karas concluded.  “We will also expand our online presence through our iLottery proposition, which completes our online gaming arsenal. 

“We remain committed on delivering sound financial results, while taking further steps towards realising our vision of offering best-in-class entertainment and giving back to society.”

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