Greece’s National Lottery operator, OPAP, has released its H1 2024 financials – revealing a 5.6% uptick in gross gaming revenue (GGR) to €1.82bn ($2.01bn) year-on year, while EBITDA fell 0.2% to a figure of €373.7m.
GGR for Q2 2024 also increased by 7%, settling at a figure of €532.8m. The operator has attributed the rise in revenue to a strong performance during Euro 2024, paired with an overall positive showing from both online operations and retail contributions.
OPAP Revenue:
Online casino was the primary driver during H1 with regard to revenue, increasing by 24.2% to €140.3m thanks to increased player engagement reported by OPAP. Betting revenues also rose by 9.2%, trailed by lottery, which rose by 1.8%.
Further, OPAP’s gross profit from gaming operations also increased by 6.6% when compared to H1 2023, settling at a figure of €450.6m for this year’s initial half. EBITDA, however, saw a slight decline of 0.2%, while recurring net profit also fell year-on-year by 1.6% to €221.9m.
OPAP gross profit:
Following Allwyn’s purchase of the remaining Sazka minority stake in OPAP in 2022, the Lottery operator went on to extend its contract with Intralot in October of last year.
OPAP CEO Jan Karas commented: “Following a solid start to the year, Q2 2024 proved to be another strong quarter with positive results for OPAP, mainly driven by sports betting activity, which was significantly boosted during the Euro 2024 tournament.”
“Our fresh game Eurojackpot continued its upward trend, playing a key role in the overall draw-based games transformation. Moreover, the penetration of our online games increased to record levels, reflecting the successful execution of our dual strategy.
“Looking ahead, we are confident that OPAP is well positioned to achieve its financial and strategic goals for FY2024, as well as to meet its sustainability and social responsibility priorities, and to continue to deliver tangible value to all its stakeholders.”
OPAP EBITDA:
