OPAP SA expresses confidence in achieving all its corporate and commercial objectives for 2024.
Publishing its H1 2024 consolidated accounts, the Athens-listed gambling group reported a 5.5% increase in gross gaming revenues (GGR), reaching €1.08bn compared to €1.02bn in H1 2023.
Leadership highlighted that OPAP continues to benefit from its expanded digital presence, with online units contributing 30% of total H1 GGR.
During this period, OPAP described its lottery sales as satisfactory, achieving an H1 GGR of €373m, a 1% increase from 2023’s €366m.
The lottery maintained its sales performance while OPAP transitioned to a new model that promotes the draw-based lotteries of Hellas Lotto, Tzoker, and Eurojackpot.
High customer activity during the UEFA Euro 2024 championships drove OPAP’s sports betting unit to generate a record GGR of €350m.
Leadership pointed out that growth in sports betting came through both retail and online channels, which helped offset stagnant H1 VLT revenues of €166m.
The online casino provided the largest GGR increase for the Athens group, with H1 revenues rising 29% to €140m, up from €113m in 2023.
Management emphasized the impact of OPAP’s enhanced online revenue contributions as H1 operating profits rose by 6% to €450m, compared to €422m in H1 2023.
Operating expenses increased by 16% year-on-year to €213.9 million, reflecting higher operational costs and marketing expenditures related to Euro ’24.
The consolidated accounts showed a slight 0.5% decrease in H1 EBITDA to €373m, due to one-off finance items related to the new concession of its OPAP Cyprus agreements.
At the close of H1, OPAP’s net profits stood at €232m, an increase of 3%, with an available cash flow of €302m.
Group CEO Jan Karas commented on the H1 results: “After a strong start to the year, Q2 2024 delivered another solid quarter with positive results for OPAP, largely driven by increased sports betting activity during the Euro 2024 tournament. Our new game Eurojackpot continued its upward trend, significantly contributing to the transformation of our draw-based games.”
Looking ahead, we are confident that OPAP is well-positioned to achieve its financial and strategic goals for FY2024. We also aim to meet our sustainability and social responsibility commitments and continue delivering tangible value to all stakeholders.
