Greece’s largest gaming company OPAP posted a slight increase in third-quarter core profit on Tuesday, with strong lottery sales offsetting rising operating costs.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter edged up 0.5% year on year to 214.2 million euros ($247.64 million) as higher payroll from increased headcount weighed on its core profit margin, which slipped to 35.5% from 37.7% a year earlier.

Gross gaming revenue (GGR) rose 6.6% to 602.9 million euros, mainly driven by a record-breaking jackpot in the Tzoker lottery game and solid retail and online performance, the company said. Lottery GGR was up 9.8% while iGaming revenue jumped by 14.4%.

Operating expenses climbed by 10.9% to 111.6 million euros, with payroll costs rising by 14.6% and IT-related spending up 29.3%, OPAP added. 

Chief Executive Jan Karas said the company was on track to meet its 2025 targets. 

“Profitability has risen in tandem with healthy margins and a solid cash position,” he said in a statement, adding that OPAP expects a strong finish to the year before rebranding in 2026.

OPAP and European lottery group Allwyn International announced in October an all-share transaction to create one of the world’s biggest lottery operators. 

The deal is expected to close in the first half of 2026. The combined entity will remain listed in Athens with plans for an additional international listing.