OPAP announced positive results for the first quarter of 2025, allowing the management to remain optimistic about achieving its targets for the year. The company has a resilient business profile with diversified distribution and profit networks that help mitigate potential risks amidst global economic uncertainty.
According to Jan Karas, CEO of OPAP, “2025 started off well, with strong results for the first quarter. Our steady organic growth, fueled by the ongoing momentum in our online operations, gives us confidence that we will meet our projections for 2025. Key contributors to this success were our sports betting and iGaming activities, while the Tzoker game benefited from a favorable jackpot sequence – particularly the record-breaking jackpot in January.”
Profitability
Net revenue amounted to 595.0 million euros, up 8.2% year-on-year due to strong online growth of 20% as well as the significant performance of the land-based activity (retail), which recorded a 4% increase, supported by very strong profit margins in sports betting and the record jackpot in Tzoker.
Gross profit (from games) increased by 10.7% to 250.8 million euros year-on-year, exceeding revenue growth. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 8.8% to 207.1 million euros, following the increase in GGR.
Karas underlined that “the digitalization of the retail network is progressing rapidly, through the OPAP Store App, which offers personalized experiences based on its loyalty program. At the same time, leveraging the fact that OPAP is a member of Allwyn, we will continue to offer unique experiences to our customers. Overall, the performance of the first quarter positions us appropriately to achieve our goals in terms of growth and profitability, to create value for our shareholders and to implement our priorities in the areas of sustainability and social responsibility.”
