Key points:
- Online casino and lottery helped to drive revenue growth; EBITDA up 46.6%
- Company expects to meet financial and business objectives for the year
Greek operator OPAP has released its financial figures for the third quarter of 2024, underlining a positive period for the company, helped by a number of factors.
In total, gross gaming revenue (GGR) reached €565.8m ($595.4m) during the quarter, representing an increase of 17.6% year-on-year.
Both the retail and online segments experienced growth in terms of GGR, with retail up 11% to around €392m, helped by the performance of the lottery Tzoker, as well as sports betting which was likely boosted by Euro 2024.
Online GGR, meanwhile, was up 35.2% to about €173m, thanks in the main part to a 48.3% rise in online casino GGR to €92.7m.
Thanks to this strong revenue growth, gross profit rose 25% to €241.9m, while net profit went from €83.3m in Q3 2023 to €120.5m in Q3 2024.
EBITDA saw strong growth during the quarter, increasing 46.6% to €213.2m, while the EBITDA margin was valued at 37.7% compared with 30.2% in the same period last year.
Meanwhile, operating expenses also improved during the quarter, decreasing 12.2% to €100.6m.
Good to know: Last month, Inspired Entertainment announced upgrades to its long-term partner OPAP's Video Lottery Terminals (VLTs)
OPAP CEO Jan Karas said: “Following the solid performance in the first half of 2024, OPAP has delivered a strong set of results in Q3.
“The quarter’s highlight was Tzoker’s Mega jackpot, which led to enhanced activity in both the retail and the online channel alongside increased footfall in our stores. Positive trends also continued for sports betting in both channels, driven by a full sports events calendar. Moreover, the online casino vertical sustained its momentum, playing a key role in the substantial growth of our online business.
“Furthermore, profitability recorded a strong increase primarily due to the expected normalisation of operating expenses, reaffirming our continuous focus on cost efficiency. Overall, we remain confident that we are well-positioned to meet OPAP’s financial and business objectives for the full year, as well as to deliver on the upper end of our 2024 outlook.”
In related results news, Spelinspektionen, the Swedish Gambling Authority, last week released the Swedish market's Q3 figures, showing total turnover of SEK 6.66bn ($600m).
