SBC News Voice of the Sports Betting Industry
OPAP SA trades with confidence in achieving its “upper-end financial outlook” for the year, targeting over €2.2bn in gross gaming revenues (GGR) and an EBITDA of €770m.
Confidence in meeting these targets is underpinned by the Athens-listed gambling group’s improved retail results, combined with online growth continuing to surpass expectations.
Year-to-date (YTD) accounts (up to 30 September) show group GGR standing at €1.65bn, up 9% on YTD 2023 comparatives of €1.51bn.
Q3 trading contributed 31% of GGR, with OPAP achieving an income of €565m, up 17% on 2023 results of €481m. The uplift reflects the strong return of the ‘Tzoker Mega Jackpots,’ benefiting OPAP’s retail performance, alongside continued growth in sports betting and online casino games.
A breakdown of segments shows OPAP’s lottery unit generating €200m in revenue, marking a 20.5% year-on-year (YoY) increase. Over the first nine months of 2024 (9M 2024), lottery revenue reached €573.1m, up 7.6% YoY.
Improved lottery results reflect OPAP’s strategic revamp of draw-based games, such as Lotto and Eurojackpot, which has significantly enhanced customer engagement and participation. Targeted marketing campaigns and promotions have effectively attracted new players and retained existing ones, contributing to sustained revenue growth.
The Online Casino segment outperformed all other units with remarkable YoY growth, highlighting the increasing shift towards digital gaming. In Q3 2024, it generated €93m in revenue, marking a 48.3% increase compared to €63m in Q3 2023. Its 9M 2024 revenue reached €233m, reflecting a 33% increase compared to €176m in 9M 2023.
Sports betting demonstrated strong double-digit growth, driven by a robust sports calendar and favourable alignment of sports results outperforming its expectations. During Q3 2024, revenue reached €167m, a 16% YoY increase compared to €144m in Q3 2023, while 9M 2024 revenue totalled €517m, reflecting an 11% increase compared to €464m in 9M 2023.
Closing its update, OPAP reported a strong financial performance with significant growth in profitability. Net profit for 9M 2024 stood at €352m, marking a 14.4% YoY increase compared to €307m in 9M 2023, while Q3 2024 net profit surged by 45% YoY to €120m.
Similarly, EBITDA for 9M 2024 reached €586m, up 13% YoY, and Q3 2024 EBITDA recorded a remarkable 46% YoY increase to €213m, driven by strong revenue growth and effective expense management.
Commenting on the Q3 2024 results, Group CEO Jan Karas, stated: “Following the solid performance in the first half of 2024, OPAP has delivered a strong set of results in Q3. The quarter’s highlight was Tzoker’s Mega Jackpot, which led to enhanced activity in both the retail and online channels, alongside increased footfall in our stores.
Positive trends also continued for sports betting across both channels, driven by a full sports events calendar. Moreover, the online casino vertical sustained its momentum, playing a key role in the substantial growth of our online business. Furthermore, profitability recorded a strong increase, primarily due to the expected normalisation of operating expenses, reaffirming our continuous focus on cost efficiency. Overall, we remain confident that we are well-positioned to meet OPAP’s financial and business objectives for the full year and to deliver on the upper end of our 2024 outlook.”
