Greek operator OPAP, majority-owned by Allwyn, has kicked off 2025 with strong financials, reporting an 8.2% year-on-year increase in gross gaming revenue (GGR) for Q1. The company recorded €595.0 million in GGR for the first three months of the year, up from €549.7 million in Q1 2024. The results were largely driven by robust performance in igaming and sports betting, with the former posting a double-digit growth rate.
Net revenue also saw an uptick, rising 7.9% to €406.4 million after levies and duties. While GGR dipped 8.2% compared to Q4 2024, OPAP’s CEO Jan Karas described the start of the year as solid and reaffirmed confidence in meeting the company’s full-year targets.
iGaming and Sports Betting Propel Q1 Gains
OPAP’s igaming segment continued its upward trend with a 19.8% year-on-year increase in revenue, reaching €84.9 million. This segment accounted for 48.1% of total online revenue in Q1, surpassing sports betting at 45.0% and lottery at 6.9%. The growth was fueled by increased player engagement and spending. 
Sports betting also delivered, with revenue climbing 12.8% to €190.0 million. Of this, €79.0 million came from online channels, while retail generated €111.0 million. January and February saw operator-friendly results, which contributed to the uptick.
Lottery remained OPAP’s primary revenue generator, growing 5.5% to €206.8 million. The Tzoker game benefited from a record €19.5 million jackpot in early Q1, the highest in its history. Retail operations accounted for the vast majority (94.2%) of lottery revenue.
Margins Hold Strong Despite Higher Costs
Although OPAP reported increased expenses, revenue growth offset the impact. EBITDA rose 8.8% to €207.1 million. Operating profit stood at €173.1 million, up 10.3% year-on-year, while pre-tax profit reached €171.0 million. After paying €44.6 million in income tax, net profit came in at €126.4 million, a 9.2% improvement.
CEO Jan Karas noted, “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.”
He added, “Moving forward, we continue to put customers at the centre of everything we do, focusing on delivering exciting experiences in both retail and online, and leveraging innovative technology to stay ahead of the game.”
Digital Innovation and Group Synergies Drive Outlook
Karas also highlighted the role of digitalisation and Allwyn’s group support in shaping OPAP’s long-term strategy.
“Additionally, retail digitalisation is rapidly advancing through the OPAP Store App, offering personalised experiences through our loyalty schemes,” he said.
He concluded, “Overall, the Q1 performance places us well to achieve our growth and profitability goals, generating value for our shareholders and fulfilling our sustainability and social responsibility priorities.”
Photo credit: Freepik
