OPAP SA confidently targets the “upper-end financial outlook” for 2024, aiming for over €2.2bn in gross gaming revenues (GGR) and an EBITDA of €770m.
The Athens-listed gambling group bases its confidence on strong retail results and online growth that continues to exceed expectations.
Year-to-date (YTD) accounts (up to 30 September) show group GGR at €1.65bn, a 9% increase from €1.51bn in YTD 2023.
In Q3, OPAP generated €565m in GGR, a 17% increase compared to €481m in 2023. This growth reflects the resurgence of the ‘Tzoker Mega Jackpots,’ which boosted retail performance, along with ongoing expansion in sports betting and online casino games.
Segment analysis reveals that OPAP’s lottery unit brought in €200m in revenue during Q3, a 20.5% year-on-year (YoY) increase. Over the first nine months of 2024, lottery revenue reached €573.1m, up 7.6% YoY. OPAP attributes these improvements to its strategic updates to draw-based games like Lotto and Eurojackpot, which enhanced customer engagement and participation. Focused marketing campaigns and promotions successfully attracted new players while retaining existing ones, driving revenue growth.
The Online Casino segment outperformed all other units, achieving remarkable YoY growth. In Q3 2024, it generated €93m in revenue, a 48.3% jump compared to €63m in Q3 2023. For the first nine months of 2024, online casino revenue reached €233m, a 33% increase from €176m in 2023.
Sports betting also recorded robust double-digit growth. A packed sports calendar and favorable sports outcomes drove Q3 revenue to €167m, up 16% YoY from €144m in 2023. For the nine-month period, sports betting revenue totaled €517m, an 11% rise from €464m in 2023.
OPAP reported strong overall profitability. Net profit for the first nine months of 2024 reached €352m, up 14.4% YoY compared to €307m in 2023. Q3 2024 net profit surged 45% YoY to €120m.
EBITDA also demonstrated significant growth. For the nine months, it reached €586m, a 13% YoY increase. In Q3 2024 alone, EBITDA rose 46% YoY to €213m, driven by revenue growth and effective expense management.
Group CEO Jan Karas commented on the results: “After a solid first half of 2024, OPAP delivered strong results in Q3. The highlight was the Tzoker Mega Jackpot, which boosted activity in retail and online channels and increased store footfall.
“Sports betting continued to grow across all channels, supported by a busy sports calendar. The online casino vertical also maintained its momentum, playing a critical role in our online business growth. Profitability saw a sharp increase, largely due to normalized operating expenses and our ongoing focus on cost efficiency. We remain confident in achieving OPAP’s financial and business goals for the year and expect to meet the upper end of our 2024 outlook.”