Greek operator OPAP has released its financial data for the third quarter of 2024, indicating a positive period driven by various factors.
Overall, the total gaming revenue (GGR) for this quarter reached 565.8 million euros ($595.4 million), a year-on-year increase of 17.6%.
Both the retail and online sectors saw growth in total gaming revenue (GGR), with retail increasing by 11% to approximately 392 million euros, thanks to the performance of the lottery Tzoker and possibly influenced by the 2024 European Championship-driven sports betting.
Meanwhile, online gaming revenue (GGR) rose by 35.2% to 173 million euros, mainly due to a 48.3% increase in online casino gaming revenue (GGR) to 92.7 million euros.
Thanks to strong revenue growth, gross profit increased by 25% to 241.9 million euros, while net profit rose from 83.3 million euros in the third quarter of 2023 to 120.5 million euros in the third quarter of 2024.
This quarter, EBITDA saw a robust increase of 46.6% to 213.2 million euros, with an EBITDA margin of 37.7%, compared to 30.2% in the same period last year.
Also, operating expenses improved this quarter, decreasing by 12.2% to 100.6 million euros.
Worth noting: Last month, Inspired Entertainment announced an upgrade to its long-term partner OPAP's video lottery terminals (VLTs)
OPAP CEO Jan Karas stated: "Following a solid performance in the first half of 2024, OPAP achieved strong results in the third quarter.
"The highlight of this quarter was the Tzoker jackpot, which led to increased activity in both retail and online channels, as well as increased foot traffic in our stores. With a full schedule of sporting events, sports betting in both channels continued to show a positive trend. Additionally, the online casino vertical maintained strong momentum, playing a key role in the significant growth of our online business.
"Furthermore, profitability increased significantly, mainly due to the normalization of expected operating expenses, which again demonstrates our continued focus on cost efficiency. Overall, we remain confident in our ability to achieve OPAP's financial and business goals for the year and to reach the upper limit of our expectations for 2024."
In related results news, the Swedish Gambling Authority Spelinspektionen released data for the Swedish market for the third quarter last week, showing a total turnover of 6.6 billion Swedish kronor ($600 million).
