OPAP’s lottery division proved to be the biggest revenue generator during Q2 2023, as overall group results were further supported by sports betting and online casino growth.
The Athens-listed gambling group and former state-owned monopoly, reported a 13% increase in net gaming revenue to €345m (Q2 2022: €304m) and in operating gaming profit to €181m (€204m).
Meanwhile, net profit stood at €106m – a 35% increase on €79m the year prior – attributed to another increase of 13% for gross gaming revenue, which closed the quarter at €304m €498m (€442m). Lastly, EBITDA rose 7% from €167m to €178m, although with a slightly lower margin of 36% (38%).
Jan Karas, OPAP CEO, said: “The second quarter of 2023 was another quarter of positive performance for OPAP, characterised by strong profitability, the successful implementation of our strategic initiatives and the continued evolution of our customer proposition.”
Breaking down OPAP’s verticals, lottery was the primary revenue generator with Q2 income up 8% to €178m (€165m) and H1 earnings up 9% to €364m (€335m).
However, the group’s casino operations saw a huge surge in revenue across both Q2 and the full six months of the year of 38% and 35%, respectively, to €58m (Q2 2022: €42m) and €113m (H1 2022: €84m).
Meanwhile, the firm’s sports betting business also performed well with Q2 revenue up 14% to €152m (€134m) and H1 revenue up 12% to €321m (€286m), Lastly, video lottery terminal revenue was up 9% in Q2 to €81m (€76m) and 15% in H1 to €165m (€144m), whilst scratch lottery revenue rose 12% to €30m (€27m) in Q2 and 20% to €60m (€50m) in H1.
Karas remarked: “As far as our Retail network is concerned, in the second quarter of 2023 our renewed offer for Pame Bet stood out, as well as the launch of Free Win, the first free game of our agencies, available through the OPAP Store App.
“In the online channel, we successfully presented Opaponline.gr, our online proposition in number games, and continued to strengthen our position in all product categories.”
With momentum for the firm continuing over from Q1, OPAP closed H1 2023 with a GGR uptick of 14% and NGR up 15% to reach €1bn (€899m) and €708m (€617m) respectively.
Breaking down profit and margin, OPAP reported operating gaming profit for the first six months of 2023 up 14% to €423m (€370m), net profit up 34% to €224m (€167m) and EBITDA up 12% to €374m (€336m), with a slight increase in margin to 37% (36.5%).
Karas concluded: “We are also confident that OPAP is well positioned to achieve its financial goals and strategic priorities for the rest of the year in a sustainable and accountable manner for all stakeholders.”