SBC News Voice of the Sports Betting Industry
OPAP SA cites confidence in achieving all corporate and commercial objectives for 2024.
Publishing its H1 2024 consolidated accounts, the Athens-listed gambling group achieved a 5.5% increase in gross gaming revenues (GGR) to €1.08bn (H1 2023: €1.02bn).
Leadership noted that OPAP continues to benefit from its enlarged digital profile, as online units account for 30% of total H1 GGR.
Period trading saw OPAP brand its lottery sales as satisfactory, achieving an H1 GGR of €373m, up 1% compared to 2023’s €366m.
The lottery maintains its sales performance as OPAP transitions to a new model promoting the draw-based lotteries of Hellas Lotto, Tzoker, and Eurojackpot.
Benefiting from high customer activity during the UEFA Euro 2024 championships, OPAP’s sports betting unit generated a record GGR of €350m.
Leadership noted that sports betting growth was achieved through both retail and online channels, helping offset stagnant H1 VLT revenues of €166m.
The online casino netted the Athens group’s largest GGR increase, contributing H1 revenues of €140m, up 29% compared to 2023’s €113m.
OPAP’s enhanced online revenue contributions were underlined by management as H1 operating profits increased by 6% to €450m (H1 2023: €422m).
Operating expenses rose by 16% year-on-year to €213.9 million, reflecting broader operational costs and marketing expenditures related to Euro ’24.
Consolidated accounts displayed a marginal 0.5% decrease in H1 EBITDA to €373m – attributed to OPAP booking one-off finance items related to the new concession of its OPAP Cyprus agreements.
Closing H1 accounts, OPAP’s net profits stand at €232m (+3%), with an available cash flow of €302m.
Group CEO Jan Karas commented on the H1 results: “Following a solid start to the year, Q2 2024 proved to be another strong quarter with positive results for OPAP, mainly driven by sports betting activity, which was significantly boosted during the Euro 2024 tournament. Our new game Eurojackpot continued its upward trend, playing a key role in the overall transformation of draw-based games.”
Looking ahead, we are confident that OPAP is well-positioned to achieve its financial and strategic goals for FY2024, as well as to meet its sustainability and social responsibility priorities, and to continue to deliver tangible value to all its stakeholders.
