Greek gaming group OPAP reports that its gaming gross revenue (GGR) for the fiscal year 2024 reached a record €2.3 billion (£1.93 billion/$2.5 billion), thanks to growth in its gaming and igaming sectors.
Annual revenue as of December 31, 2024, was 10% higher than the previous year and current records. Data released by OPAP yesterday (March 19) also shows that net gaming revenue increased by 9.4%, reaching €1.57 billion.
OPAP reports that four out of its five core sectors achieved growth, with gaming and online gaming revenues achieving double-digit growth. Lotteries remain the group's main source of income, and video lottery terminals (VLT) also saw growth, but instant and passive income declined.
Online business became a focus, with revenues increasing by 29.2% in 2024. This sector is expected to surpass VLTs, becoming OPAP's third-largest source of income. However, sports betting also had many notable points, with its revenue increasing by 15.6% year-on-year.
OPAP CEO Jan Karas emphasized these two sectors when analyzing the full-year data. He stated that the growth in igaming and lotteries brought the group an "excellent" year.
Karas said: "Our excellent performance in 2024 was mainly due to the strong growth of sports betting and igaming products." "For Tzoker, it was also an extraordinary year, with the newly launched Eurojackpot also making a contribution."
"In addition, our online activities reached new heights, accounting for 32% of the group's total gaming revenue. Our ilottery business also continued to gain development momentum."
OPAP's Igaming Revenue to Break €325.3 Million in 2024
Breaking down each part, starting with igaming, the revenue for this sector in 2024 was €325.3 million. This was significantly higher than the previous year's €251.8 million, accounting for 14.2% of the total GGR. OPAP stated that this was due to strong demand from both new and existing players.
As for sports betting, revenue exceeded €746.2 million, higher than the €645.5 million in 2023. It is also OPAP's second-largest source of income, accounting for 32.5% of the annual GGR. Interestingly, of this total, 56.7% came from retail betting, while 43.3% came from online betting.
Looking at OPAP's other sectors, lotteries continued to lead in terms of revenue share, generating €774.8 million. This was a 6.1% increase from 2023, accounting for 33.7% of the total revenue in 2024.
On the other hand, VLT revenue rose slightly by 0.1% to €344.7 million. However, instant and passive income fell by 9.3% to €105.1 million, as players seemed to prefer other forms of gambling.
Net Profit Increased by 20.7% in 2024
Looking at this year's profits, nearly all operating expenses increased. However, the impact of revenue growth resulted in a 14% increase in EBITDA, reaching €832 million.
After deducting depreciation, amortization, and impairment costs, operating profit reached €687 million, an increase of 16.4%. After deducting financial costs, pre-tax profit reached €677.8 million, an increase of 18.9%.
OPAP paid €178 million in income taxes and deducted €14 million in profits from non-controlling interests. Thus, the group's net profit at the end of the year was €499.7 million, a year-on-year increase of 20.7%.
How was OPAP's Performance in the Fourth Quarter of 2024?
As for OPAP's performance in the last quarter of 2024, the GGR for the three-month period was €647.8 million, an increase of 11.5%. Similarly, this was driven by the growth of igaming and sports betting, although the latter became the star in the fourth quarter, with a growth rate of 26.6%, while igaming grew by 20.9%.
Other key data for the fourth quarter include net gaming revenue growth of 11% to €443.1 million, and EBITDA growth of 16.6% to €245.1 million. The latter benefited from a slight decrease in operating expenses.
As for net profit, the pre-deduction of non-controlling shareholders' profits was €143.5 million, an increase of 30.8%. OPAP did not disclose the net profit information after deducting the contribution of non-controlling shareholders.
Karas stated: "Looking ahead, we always keep our customers at heart, always committed to providing exciting and innovative experiences in a seamless manner through retail and online channels, using technology to maintain a leading position."
"Through this approach, we are confident in achieving our goals of maintaining stable growth and profitability, rewarding shareholders, and fulfilling commitments to sustainable development and social responsibility."
