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OPAP reports spectacular rise in 2022 results

OPAP says profits up 128.3% in 2022.

OPAP, the leading gaming operator in Greece, reported a spectacular improvement in its 2022 results and said net profits jumped 128.3% to 592.3 million euros in 2022 from 259.4 million in 2021, with fourth quarter net profit at 306.5 million euros (boosted by a n 181.3 million euros profit from the sale of Betano), an increase of 277.6% from the same period in 2021.

OPAP’s revenues (GGR) in FY 2022 increased by 26.0% y-o-y reaching €1,939.0m (FY 2021: 1.538.8 billion euros) on the back of favorable y-o-y comps on retail and online demonstrating persisting growth. Fourth quarter GGR landed at the highest ever reading of 540.9 million euros, up by 8.5% y-o-y (Q4 2021: 498.5 million), reflecting increased playability in both online and retail, also driven by the World Cup and notwithstanding players’ friendly match results.

EBITDA in 2022 stood at 736.0 million euros versus 550.3 million in 2021 higher by 33.7%. Fourth quarter EBITDA reached 202.7 million euros versus 170.4 million in the same period in 2021, up by 18.9%.
Gross Profit from gaming operations in 2022 stood at 798.8 million euros compared to 605.8 million in 2021 higher by 31.8% as a result of top line increase and higher margins. Fourth quarter Gross Profit increased by 14.7% y-o-y reaching 223.9 million euros vs 195.3 million in 2021.

Comment of OPAP’s CEO, Mr. Jan Karas, on the 2022 results: “OPAP reported a record-high quarterly performance in Q4, rounding off a remarkable year, with tangible progress in the implementation of our strategic objectives and increased activity across our channels. EBITDA came in ahead of our latest outlook, with improved margins, while our leverage position further improved.

Therefore, in line with our standing commitment to generating value for our shareholders, we are pleased to be proposing a generous total shareholder return for FY’22 of €1.45 per share, including the already paid interim dividend of €0.30 per share. Moreover, responding to our customers’ needs and expectations, we recently launched a revamped and competitive OPAP online sportsbetting proposition, aiming to deliver an even more entertaining experience. At the same time, the in-store digital offering upgrade is well on track and bearing fruits, supporting the expansion of our overall customer base and network footfall.

Looking ahead, we will focus on showcasing our retail estate as local affordable entertainment destination. We will also expand our online presence, through our iLottery proposition, which completes our online gaming arsenal. Last but not least, we remain committed on delivering sound financial results, while taking further steps towards realizing our vision of offering best-in-class entertainment and giving back to society