OPAP the leading gaming operator in Greece, announces its consolidated financial results for the nine-month period ended September 30th, 2024, prepared in accordance with International Financial Reporting Standards (IFRS).

9M’24 Gross Gaming Revenues (GGR) landed at €1,648.3m vs €1,506.5m in 9M’23, higher by 9.4% y-o-y, driven by strong growth in retail and a robust online performance, which contributed in Q3’24, 31% of total revenues. Q3’24 GGR stood at €565.8m, higher by 17.6% y-o-y, mainly attributable to Tzoker’s Mega jackpot and increased sportsbetting activity accompanied by a strong online casino performance.

Gross Profit (from gaming operations) in 9M’24 up by 12.4% y-o-y at €692.5m (9M’23: €616.1m), driven by revenue growth and strong margins. Q3’24 higher by 25.0% y-o-y at €241.9m (Q3’23: €193.5m).

Operating Expenses in 9M’24 were €314.6m vs €299.0m in 9M’23, higher by 5.2% y-o-y. Q3’24 OpEx decreased by 12.2% y-o-y to €100.6m (Q3’23: €114.6m) confirming management’s commitment for cost normalization within the second half of the year.

EBITDA in 9M’24 increased by 12.9% y-o-y at €586.9m (9M’23: €519.9m) or +7.6% l-f-l. Q3’24 EBITDA came in at €213.2m (Q3’23: €145.4m), up by 46.6% y-o-y or +23.8% l-f-l., on the back of strong top line growth and operating expenses containment.

Net Profit in 9M’24 stood at €352.0m (9M’23: €307.7m), up by 14.4% y-o-y (+5.6% l-f-l). Q3’24 Net Profit stood at €120.5m (Q3’23: €83.3m), higher by 44.7% y-o-y (+21.5% l-f-l), in line with EBITDA increase.

Solid financial position, with Net Debt at €119.3m, and Net Debt / LTM EBITDA at 0.15x (0.18x incl. leases).

9M’24 strong profitability leads FY2024 EBITDA towards the upper end of provided outlook.

OPAP’s CEO, Mr. Jan Karas said: on the Q3 2024 results: “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 sportsbetting 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 normalization 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.”