OPAP CEO lauds “exceptional” record-breaking full-year 2024

OPAP has posted gross gaming revenue (GGR) of €647.8m (£542.7m) for Q4 2024, marking a year-on-year (YoY) rise of 11.5%, leading to a record full-year 2024 for the business.

The Greek operator has attributed the increase from Q4 2023’s total of €581.2m to a strong performance in sports betting, as well as the “high-flying” levels of growth seen in its igaming division. 

Analysing GGR by vertical, OPAP’s betting arm contributed the lion’s share of the topline figure, landing at €229m, a 26.6% YoY rise from the final three months of 2023 (€180.9m). 

Within the segment, online sports betting accounted for €105m, with land-based efforts still the more dominant of the two, generating €124m. 

The increase in OPAP’s online betting revenue has been put down to an improved sports betting experience that has in turn increased customer engagement, as well as operator-friendly results. 

OPAP’s lottery division also saw a marginal improvement, climbing 2.1% YoY to sit at €201.7m, though just €9m of that figure stemmed from online players. 

The company’s igaming division continued to show signs of growth, rising 20.9% YoY to amass €92.3m in GGR.

OPAP said the climb from the €76.3m posted in Q4 2023 was due to “strong demand from both existing as well as new players”.

Meanwhile, OPAP’s video lottery terminal (VLT) division reported a marginal GGR fall of 1.5% YoY, down to €94.8m, while its instant wins segment remained flat at €30.1m. 

Net gaming revenue came to €443.1m, jumping 11% YoY from Q4 2023’s total of €399.2m. 

EBITDA saw a more significant rise of 16% YoY, recorded at €245.1m with a corresponding margin of 37.8%, an improvement against Q4 2023’s return of €210.2m and 36.2%, respectively. 

The Stoiximan parent company’s net profit increased 32.9% YoY, totalling €133.7m for the three months ending 31 December 2024. 

On the full-year 2024 front, OPAP produced GGR of €2.3bn, a climb of 10% compared to 2023’s performance and a new record for the company.

There was also a 14% rise in EBITDA, which sat at €832m with a corresponding margin of 36.2%. 

Reflecting on the performance, OPAP CEO Jan Karas said: “Q4 2024 was exceptional for OPAP, marked by record-breaking GGR and the highest recurring EBITDA of the last decade. Overall, the quarter wrapped up a highly successful year and resulted in the outperformance of our latest outlook.

“Our outstanding performance in 2024 was mainly driven by robust growth in sports betting and our igaming offering, as well as the remarkable year for Tzoker accompanied by the contribution of the newly launched Eurojackpot. 

“In addition, our online activities reached new highs, accounting for 32% of the group’s GGR, while our ilottery proposition continued gaining momentum.” 

Karas also issued an update on OPAP’s future plans, adding: “Going forward, always having customers in our mind, we are consistently focusing on providing exciting and innovative experiences in a seamless way across retail and online, leveraging technology to stay ahead of the game.  

“This way, we are confident that will meet our goals of maintaining steady growth and profitability, rewarding our shareholders, and meeting our sustainability and social responsibility commitments.” 

The operator also detailed its outlook for 2025, noting it expects low single-digit GGR growth, as well as an EBITDA margin of around 35%.