OPAP’s third-quarter revenue soars to €498.8m 

Finance News

OPAP the leading gaming operator in Greece, announces its consolidated financial results for the nine-month period ended September 30th, 2022.

Gross Gaming Revenues (GGR) landed at €1,398.1m vs €1,040.3m in 9M’21, higher by 34.4% on the back of retail’s full operation throughout 2022 and resilient demand within a period of tighter consumer spending. Q3 2022 GGR stood at €498.8m, higher by 6.1% y-o-y, reflecting retail pick-up on the back of occasional players gradually returning to our stores and strong online momentum.

Gross Profit (from gaming operations) in 9M’22 up by 40.0% y-o-y at €574.8m (9M’21: €410.5m), due to revenue growth alongside higher margins. Q3’22 higher by 10.3% at €204.6m (Q3 2021: €185.4m).

Net Profit in 9M’22 stood at €285.8m (9M’21: €178.2m) up by 60.3% y-o-y (+87.3% l-f-l). Q3’22 Net Profit stood at €118.5m (Q3’21: €99.3m), increased by 19.4% (+16.4% l-f-l).

Comment of OPAP’s CEO, Mr. Jan Karas, on the Q3 2022 results: “Our Q3 2022 performance was characterized by the continuing retail rebound, as a result of occasional players gradually returning to the game, and the sustained strong growth in online. Additionally, business operations’ normalization resulted in an improved EBITDA margin, while contributing to OPAP’s solid financial position.

The benefits emerging from our unique product propositions in both channels and our focus on the continuous upgrade of customer experience showcase the effectiveness of our Fast Forward strategy.

Among other things, the introduction of new, improved Pame Stoixima retail odds, which are competitive to those of the online market, affirms our ability to execute bold and disruptive decisions, which push boundaries and deliver meaningful results.

Moreover, during the quarter, we further engaged with our customers and boosted our performance through initiatives like the launch of innovative, augmented reality Scratch tickets, the conclusion of the migration to our new OPAP Store App, the gamified widgets in online Tzoker and Casino, and promo campaigns that enhance the position of our portfolio.

Looking ahead – and as the much-anticipated, landmark event of World Cup has just kicked off – we believe this encouraging momentum to lead to a strong finish for the year.”