OPAP SA saw its lottery business drive revenue in the first half of 2025, as laid out in its latest financial report.
Gross gaming revenue in Q2 reached €557.9m, up 4.7% from the same quarter last year. Lottery sales alone were €180.9m, representing nearly a third of total revenue. Online lottery performance was particularly strong, with opaponline.gr growing 30% compared to Q2 2024.
Revenue from Video Lottery Terminals also rose 7.3% to €85.8m, while Instant and Passive games increased 7.8% to €26.6m. iGaming continued its strong growth, rising 24.4% to €86.4m.
Group CEO, Jan Karas, commented: “Q2 2025 was another strong quarter for OPAP, with solid financial results delivering 4.7% y-o-y top-line growth, despite tough sports betting comparables due to the Euro 2024 tournament.”
“Overall, the Q2 results reflect the successful execution of our business strategy, as well as our ability to generate sustainable value. In this framework and in line with our commitment to delivering strong shareholder returns, we are pleased to announce an interim dividend of €0.50 per share.”
Mixed results across segments
Not all divisions performed equally. Sports betting revenue fell slightly to €178.2m, the group revealed, down 1.9% year-on-year. This is a sector where OPAP does not enjoy the same exclusivity as lotteries, going up against other Greek betting operators like Novibet and international competitors like Betsson
Net gaming revenue for Q2 was €381.5m, a 4.9% increase while gross profit reached €236.2m, up 5.5%. EBITDA came in at €191.3m, up 4.3% with a margin of 34.3%. Net profit reached €110.0m, up 3.6%, with EPS at €0.3039.
This increase in profit was achieved despite expenses rising 5.8% to €114.9m.
The company claimed that revenue growth was driven mainly by its lottery game Tzoker, which maintained high levels of player engagement and performance due to a series of “favourable jackpot rollovers”, which also extended into Q3.
Karas added: “Additionally, Eurojackpot’s positive momentum continued, supported by a new communication campaign.
“These factors had a broader positive impact on retail footfall and all gaming verticals. Moreover, iGaming delivered strong results for yet another quarter, supported by the continuous evolution of the game portfolio, user experience and loyalty proposition.”
For the first six months, GGR hit €1.153bn, a 6.5% increase. Lottery revenue was €387.7m, up 3.9%. Betting revenue rose 5.2% to €368.2m. VLTs climbed 4.3% to €173.7m. iGaming jumped 22.1% to €171.3m. Instant and Passive games stayed flat at €52.2m.
Net gaming revenue for H1 was €787.9m. Gross profit increased 8.1% to €487.0m. Operating expenses were €228.2m, up 6.7%. EBITDA grew 6.6% to €398.4m, with a 34.6% margin. Net profit rose 6.3% to €233.4m. EPS increased to €0.6451.
Strategic developments
OPAP is preparing for the tender for the next lottery concession, which begins after the current agreement ends 1 May 2026. The company was selected for Phase B of the tender, alongside Brightstar Global Solutions.
Given how significant lottery activity was for OPAP during the quarter, securing a renewal of its contract to manage the Greek National Lottery could be critical to the company as well as its parent firm, international lottery company Allwyn.
The firm has been diversifying, however. OPAP also moved to full ownership of the Stoiximan sportsbook, acquiring the remaining 15.51% stake for €191.6m. Completion is expected in Q3 2025, pending regulatory approval in Cyprus.
Balance sheet and outlook
Finally, the report detailed that net debt currently stands at €147.7m, with a ratio to LTM EBITDA of 0.17x (0.20x including leases). Total assets were €1.92bn, and total equity €556.8m.
OPAP has said that its lottery revenues and iGaming growth, combined with strategic acquisitions, leave the firm well-positioned to maintain strong performance for the rest of 2025.
Karas concluded: “Looking ahead, we remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders.”