OPAP posts 8.2% revenue growth in Q1 2025 on back of iGaming and sports betting surge

Greek gaming operator OPAP S.A., Greece’s largest gaming company, began 2025 with strong momentum, reporting first-quarter results driven by double-digit growth in its iGaming and sports betting divisions. The group’s Gross Gaming Revenue (GGR) for the quarter ending 30 May reached €595 million ($679.45 million), reflecting an 8.2% year-on-year increase.

The Athens-based operator, majority-owned by European lottery giant Allwyn, also saw a 10.7% rise in gross profit from gaming operations, totaling €250.8 million ($286.40 million). Earnings before interest, tax, depreciation, and amortization (EBITDA) climbed to €207.1 million ($236.61 million), up 8.8% from the previous year, while net profit rose 9.2% to €126.4 million ($144.34 million).

CEO Jan Karas attributed the gains to a combination of online performance and enhanced player engagement. 

“2025 has started well with a set of robust Q1 results. Our solid organic growth, driven by continued momentum in online, makes us confident that we will deliver our outlook for 2025,” Karas said. “Major drivers for this success have been sports betting and iGaming.”

Online gaming revenues surged 19.8% to €84.9 million ($96.95 million), comprising nearly half of OPAP’s total online revenue for the quarter. Sports betting also performed strongly, with a 12.8% revenue increase to €190 million ($216.97 million), €79 million ($90.21 million) from online channels and €111 million from retail outlets. The company credited operator-favorable outcomes in January and February for the performance.

Lottery remained the company’s largest revenue stream, posting €206.8 million ($236.15 million) in Q1, up 5.5% from the previous year. The Tzoker game was a key contributor, bolstered by a record €19.5 million jackpot early in the quarter. Retail operations accounted for 94.2% of all lottery revenue.

Other verticals showed mixed results. Revenue from video lottery terminals (VLTs) increased slightly to €87.8 million ($100.26 million), while the instant and passives segment declined 7.9% to €25.6 million ($29.23 million), continuing a downward trend observed in late 2024.

Despite higher operating expenses and increased regulatory levies, which totaled €188.7 million ($215.48 million), OPAP maintained a healthy net profit margin of 20.7%. Operating profit rose 10.3% to €173.1 million ($197.67 million), and pre-tax earnings stood at €171 million ($195.27 million), nearly 10% higher than the same period last year.

OPAP said its performance underscores the strength of its omnichannel business model, which combines retail reach with expanding digital capabilities. The company noted that its mobile-first initiatives, particularly the OPAP Store App, have advanced retail digitalization and improved customer engagement.

Karas stated: “Moving forward, we continue to put customers at the center of everything we do, focusing on delivering exciting experiences in both retail and online.”