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Online casino drives up OPAP GGR for Q1

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Online casino revenue was up 29.1 per cent. 

Greece.- OPAP has reported strong results for the first quarter of 2024. GGR reached €549.7m, representing a 4.2 per cent year-on-year increase compared to Q1 2023 (€527.4m). The standout contributor was the online casino segment, which saw revenue rise by 29.1 per cent to €70.9m. 

Lottery continues to be OPAP’s biggest segment. In Q1 2024, lottery revenue amounted to €196m, surpassing Q1 2023 by 3.9 per cent. This positive trend was fueled by a revamp of the Lotto & Tzoker games late last year. The newly launched Eurojackpot game also made a promising start.

While sports betting revenue experienced a slight decline of 0.2 per cent ( €168.5m), it was supported by healthy growth in Pame Stoixima and solid contributions from Powerspin and virtuals. Revenue from Video Lottery Terminals (VLTs) increased by 2.5 per cent to €86.m driven by ongoing optimisation efforts. Revenue from the instant and passives business declined by 9 per cent to €27.m. 

OPAP faced higher operating expenses in Q1 2024, up 18.6 per cent to €105.4m with increased costs in staffing, marketing and other operational areas. Gaming-related expenses saw a 15.8 per cent increase to €25.6m. As a result pre-tax profit was down by 3.4 per cent year-on-year to €155.7m. Net profit stood at €115m, a 4 per cent drop.

CEO Jan Karas said: “OPAP reported solid performance and organic growth in Q1, driven by our focus on enhancing our proposition and promoting innovation, with online recording strong activity and retail further solidifying its position.

“Looking ahead, we are focused on further upgrading our offering in every vertical and achieving progress in all pillars of OPAP’s Fast Forward business strategy. Overall, we are well positioned for another successful year, with our focus now turning to the forthcoming major international sporting events.”

For full-year 2023, OPAP reported revenue of €2.08bn. Gross gaming revenue was up 7.7 per cent year-on-year, with growth across all core segments. Lottery contributed €730m, a rise of 2.9 per cent from 2022, and the group highlighted strong KINO results. Sports betting revenue rose by 6.9 per cent to €645.5m driven by Powerspin and virtual products.

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