Online drives OPAP revenue surge in first quarter

Finance News

OPAP S.A. the leading gaming operator in Greece, announces its consolidated financial results for the three-month period ended March 31st, 2024, prepared in accordance with International Financial Reporting Standards (IFRS).

Gross Gaming Revenues (GGR) stood at €549.7m, higher by 4.2% y-o-y (Q1 2023: €527.4m) driven by significant online growth.

Q1 2024 EBITDA lower by 3.1% y-o-y at €190.3m (Q1 2023: €196.5m) or -2.5% y-o-y on a comparable basis due to higher Opex, in particular front-loading of marketing expenses, to support recent launch of Eurojackpot and revamp of Lotto and Tzoker. EBITDA margin remains at high levels of 35%.

Net Profit in Q1 2024 came in at €113.3m (Q1 2023: €118.0m), lower by 3.9% y-o-y (-2.4% y-o-y on a comparable basis).

Comment of OPAP’s CEO, Mr. Jan Karas, on the Q1 2024 results: “OPAP reported solid performance and organic growth in Q1 ’24, driven by our focus on enhancing our proposition and promoting innovation, with online recording strong activity and retail further solidifying its position.

The successful revamp of our Draw-Based Games portfolio, which started in late 2023 with the repositioning of Lotto and Tzoker and was completed with Eurojackpot’s launch in March 2024, has resulted in incremental GGR. Additionally, the OPAP Store App, our main retail digitalization pillar, sustained its strong momentum. Moreover, our online proposition was further improved, through an innovative loyalty scheme and a variety of appealing free-to-play games.

Looking ahead, we are focused on further upgrading our offering in every vertical and achieving progress in all pillars of OPAP’s Fast Forward business strategy. Overall, we are well positioned for another successful year, with our focus now turning to the forthcoming major international sporting events. Finally, we remain committed to offering generous returns to our shareholders, as well as to creating value for our stakeholders and giving back to society.”