OPAP third-quarter GGR revenue up 8%

Finance News

OPAP the leading gaming operator in Greece, announces its consolidated financial results for the nine-month period ended September 30th, 2023.

OPAP’s revenues (GGR) in 9M 2023 increased by 8% y-o-y reaching €1,506.5m (9M 2022: €1,398.1m) on the back of strong retail performance coupled with solid online contribution, which accounted for 27% of total revenues in Q3’23 (+3pp q-o-q). Q3 2023 stood lower by 3.6% y-o- y at €481.0m (Q3 2022: €498.8m) negatively impacted by adverse weather conditions (floods affected c.3% of our retail network) & customer friendly results.

Gross Profit from gaming operations in 9M 2023 stood at €616.1m compared to €574.8m in 9M 2022 higher by 7.2% y-o-y as a result of top line growth. Q3 2023 Gross Profit decreased by 5.5% y-o-y reaching €193.5m vs €204.6m in Q3 2022.

EBITDA in 9M 2023 stood at €519.9m versus €533.3m in 9M 2022 lower by 2.5% y-o-y (+0.9% l-f-l). Q3 2023 EBITDA reached €145.4m versus €197.6m in Q3 2022, down by 26.4% y-o-y or on a comparable basis -12.9% y-o-y, on the back of lower top line performance alongside inflationary pressures on our cost base. Adjusted EBITDA margin remained at solid levels, as per previous quarter Q2’23, of 35.8%.