OPAP lottery Q4 and full-year revenues rise amid reopening of retail stores

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The Greek gambling group OPAP SA has revealed its lottery business has enjoyed revenue growth in 2021, attributing much of its success to the reopening of retail stores.

Publishing its Q4 and full-year results for 2021, the Athens-based firm recorded €549.2m in lottery revenues for FY21, a year-on-year increase of 5.9% from 2020 (€518.6m).

Its full-year figures were significantly bolstered by its lottery performance in Q4, where the company’s Gross Gaming Revenues (GGR) reached €183.8m, a rise of 124.2% from the same period in the previous year (€82m).

The lottery proved to be OPAP’s most profitable source of revenue for a second successive year, though it only amounted to 35.7% of the firm’s overall revenue for 2021, down 10.2% from the prior year as betting emerged as a much closer rival, rising from 27.5% (€310.4m) to 33.9%.

OPAP’s statement also noted that Tzoker online contribution continues to “stand strong”, reaching 13.5% in Q4 2021.

Across all of its sectors, the company’s GGR stood at €1,538.8m in FY2021, higher by 36.2% year-on-year.

Gross profit from gaming operations in FY2021 increased by 47.5% at €605.8m, while its Q4 figures rose by 151.4% at €195.3m due to increased top line, partially offset by Hellenic Lotteries’ disproportional GGR contribution, so as to meet the minimum annual €50m contractual threshold.

Jan Karas, CEO of OPAP, commented: “OPAP reaffirmed the strength of its business model, posting robust results and a solid financial position in 2021, despite persisting pandemic challenges. Overall, Q421 was historically one of the best performing quarters, in terms of GGR, and cash reserves were further expanded.

“Our retail business demonstrated high resilience, with recovery ramping up, even though our stores had to suspend operations for several months and adjust to strict healthcare restrictions after reopening. Our comprehensive commercial plan and well-accepted loyalty programmes played a key role to this end.

“Online remained a key growth driver for OPAP, even after retail reopening. Our online customer base grew further, supported by upgraded front-ends and targeted CRM activities. Additionally, our dual strategy continued paying off, with Stoiximan’s full consolidation clearly aiding our performance.

“Last but not least, our commitment to social contribution remains as strong as ever. Soon we will complete the renovation of Greece’s two largest children’s hospitals – our long-term project which tangibly showcases our focus on delivering value to all our stakeholders.”