iGaming growth drives revenue up 8.2% at OPAP in Q1
Allwyn-owned OPAP reported an 8.2% year-on-year increase in revenue during Q1 driven by double-digit growth within its igaming and sports betting divisions.
Group gross gaming revenue in the three months to 30 May reached €595.0 million ($677.6 million), OPAP said. This surpassed €549.7 million in Q1 of last year but fell 8.2% short of €647.8 million in Q4.
OPAP also reported that net revenue, GGR minus levies and duties calculated as a percentage of GGR, reached €406.4 million in Q1, a year-on-year increase of 7.9%.
All but one of OPAP’s core operating segments saw revenue increase during Q1. As was the case in the 2024 full year, the igaming division reported the most growth, with revenue up 19.8%. OPAP also reported a an increase in sports betting revenue, although lottery remains the group’s primary source of revenue.
“2025 has started well with a set of robust Q1 results,” OPAP CEO Jan Karas said. “Our solid organic growth, driven by continued momentum in online, makes us confident that we will deliver our outlook for 2025.
“Major drivers for this success have been sports betting and igaming. Tzoker benefited from favourable jackpot rollovers and the record-breaking jackpot in January. Additionally, retail digitalisation is rapidly advancing through the OPAP Store app, offering personalised experiences through our loyalty schemes.”
iGaming makes up almost 50% of online revenue in Q1
Breaking down the Q1 performance, igaming was again the star of the show, posting a 19.8% rise in revenue to €84.9 million. OPAP said this demonstrated strong growth on the back of higher player engagement levels and spending.
iGaming accounted for 48.1% of OPAP’s online revenue in Q1. This is ahead of sports betting on 45.0% and lottery at 6.9%.
On the subject of sports betting, revenue here was up 12.8% year-on-year to €190.0 million. Of this, €79.0 million came from online and €111.0 million retail, with OPAP benefitting from operator-friendly results in January and February.
Lottery revenue edged up 5.5% to €206.8 million, amid a strong Tzoker performance, helped by an early Q1 jackpot of €19.5 million, the largest in the game’s history. Retail operations accounted for 94.2% of all lottery revenue during the quarter.
Looking at OPAP’s other segments, video lottery terminal revenue increased 1.5% to €87.8 million. However, the instant and passives division was the only business unit to report a decline, with revenue down 7.9% to €25.6 million. This followed a similar trend seen in both Q4 last year and the 2024 full year.
Net profit rises to €126.4 million at OPAP
Turning to costs, expenses were higher across the board at OPAP during the quarter. Gross gaming revenue contribution and other levies and duties also increased year-on-year to €188.7 million.
However, revenue growth meant EBITDA climbed 8.8% to €207.1 million. After depreciation and amortisation, operating profit topped €173.1 million, up 10.3%.
Pre-tax profit stood 9.8% higher than last year at €171.0 million. OPAP paid €44.6 million in income tax, meaning net profit for the quarter reached €126.4 million, a rise of 9.2%.
“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,” Karas said.
“At the same time, utilising the fact that OPAP is part of Allwyn we will continue offering unique experiences to our customers. 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.”