OPAP Reports 5.6% Rise in GGR for H1 2024, Despite Slight Dip in EBITDA

Greece’s National Lottery operator, OPAP, has released its financial results for the first half of 2024, showing a 5.6% increase in gross gaming revenue (GGR) to €1.82bn ($2.01bn) compared to the same period last year, while EBITDA saw a slight decrease of 0.2%, reaching €373.7m.

For the second quarter of 2024, GGR rose by 7%, settling at €532.8m. OPAP attributed this revenue growth to strong performance during the Euro 2024 tournament, as well as positive contributions from both its online operations and retail segments.

Online casino operations were the primary driver of revenue in H1 2024, with revenue rising by 24.2% to €140.3m, spurred by increased player engagement. Betting revenues followed, growing by 9.2%, while lottery revenues saw a modest increase of 1.8%.

Additionally, OPAP’s gross profit from gaming operations grew by 6.6% compared to the first half of 2023, reaching €450.6m. However, EBITDA experienced a slight decline, down 0.2%, and the operator’s recurring net profit also dropped by 1.6%, standing at €221.9m year-on-year.

These results come after Allwyn's acquisition of the remaining Sazka minority stake in OPAP in 2022, with OPAP subsequently extending its contract with Intralot in October 2023.

Commenting on the financial performance, OPAP CEO Jan Karas stated, “Following a solid start to the year, Q2 2024 proved to be another strong quarter with positive results for OPAP, mainly driven by sports betting activity, which was significantly boosted during the Euro 2024 tournament.”

Karas further highlighted the success of the Eurojackpot game, which “continued its upward trend, playing a key role in the overall draw-based games transformation.” He also noted the increasing penetration of OPAP’s online games, which reached record levels, reflecting the successful implementation of the company’s dual strategy.

“Looking ahead, we are confident that OPAP is well positioned to achieve its financial and strategic goals for FY2024, as well as to meet its sustainability and social responsibility priorities, and to continue to deliver tangible value to all its stakeholders,” Karas concluded.

By fLEXI tEAM