Betting and igaming drive OPAP to record revenue in 2024

Revenue for the year ending 31 December 2024 surpassed the previous year, and existing record, by 10%. Data published by OPAP yesterday (19 March) also revealed a 9.4% uplift in net gaming revenue to €1.57 billion.

OPAP reported growth in four of its five core segments, including double-digit increases in betting and igaming revenue. Lottery, still the group’s primary source of revenue, and video lottery terminals (VLTs) also saw growth, but instant and passives revenue declined.

The online segment stole the show, posting a 29.2% increase in revenue for 2024. The division is now on track to surpass VLTs as OPAP’s third-largest revenue stream. However, there was also a lot to be said for sports betting, with revenue here up 15.6% year-on-year.

OPAP CEO Jan Karas highlighted the two segments during his analysis of the full-year data. He said both igaming and lottery growth contributed to an “outstanding” year for the group.

“Our outstanding performance in 2024 was mainly driven by robust growth in sports betting and our igaming offering,” Karas said. “It was also a 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. Our ilottery proposition also continued gaining momentum.”

Igaming revenue tops €325.3 million at OPAP in 2024

Breaking down each segment, and starting with igaming, revenue here amounted to €325.3 million in 2024. This is comfortably ahead of the €251.8 million posted in the previous year and amounts to 14.2% of total GGR. OPAP said this was helped by strong demand among both new and existing players.

As for sports betting, revenue topped €746.2 million, ahead of €645.5 million in 2023. It is also the second-highest revenue stream for OPAP, accounting for 32.5% of annual GGR. Interestingly, of this total, 56.7% came from retail betting and 43.3% online wagering.

Looking to OPAP’s other segments, lottery continues to lead the way in terms of revenue share, generating €774.8 million in total. This is 6.1% more than in 2023 and represents 33.7% of all revenue posted during 2024.

Elsewhere, VLT revenue edged up 0.1% year-on-year to €344.7 million. However, instant and passives revenue dipped 9.3% to €105.1 million, as players appeared to favour other forms of gambling.

Net profit rises 20.7% in 2024

Looking now towards the bottom line for the year, operating expenses were higher almost across the board. However, such was the impact of revenue growth that EBITDA climbed 14% to €832 million.

After depreciation and amortisation, as well as impairment charges, operating profit hit €687 million, a rise of 16.4%. Meanwhile, after deducting finance costs, pre-tax profit totalled €677.8 million, up 18.9%.

OPAP paid €178 million in income tax and discounted €14 million in profit from non-controlling interests. As such, the group ended the year with a bottom-line net profit of €499.7 million, up 20.7% year-on-year.

What about Q4 at OPAP?

As for how OPAP performed in the final quarter of 2024, GGR for the three-month period was €647.8 million, a rise of 11.5%. Again, this was driven by growth in igaming and sports betting, although it was the latter that was the star of the show in Q4 with 26.6% growth compared to igaming on 20.9%.

Other key figures for Q4 include net gaming revenue rising by 11% to €443.1 million and EBITDA increasing 16.6% to €245.1 million. The latter was helped by a slight decrease in operating expenses.

As for net profit, the total before deducting profit from non-controlling interests was €143.5 million, up 30.8%. OPAP did not publish information for net profit after taking off such non-controlling contributions.

“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,” Karas said.

“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.”