OPAP announces net profit of 352 million euros, up 14.4%

OPAP announced that net profit rose 14.4% to 352 million euros in January-September compared to 307.7 million euros in the same period of 2023.

OPAP’s revenues reached 1,648.3 million euros in the nine-month period versus 1,506.5 million euros in the nine months of 2023, up 9.4% year on year, as a result of strong retail performance and a robust online contribution which accounted for 31% of total revenues in the third quarter. In the third quarter, GGR stood significantly higher at 565.8 million euros, up 17.6% on an annual basis, positively impacted by Tzoker’s strong performance (Mega jackpot) and the increase of sports betting followed by strong performance in the online casino.

Net profit reached 120.5 million euros, up 44.7% year on year, in the third quarter following higher EBITDA while recurring net profit margin rose to 22.3% (from 20% in second quarter).

EBITDA totaled 213.2 million euros from 145.4 million euros, up 46.6% year on year, benefiting from strong top line performance and the significant decrease in recurring operating expenses.

Commenting on the results, OPAP CEO Jan Karas stated: “Following the solid performance in the first half of 2024, OPAP has delivered a strong set of results in the third quarter. The quarter’s highlight was Tzoker’s Mega jackpot, which led to enhanced activity in both the retail and the online channel alongside increased footfall in our stores. Positive trends also continued for sports betting in both channels, driven by a full sports events calendar. Moreover, the online casino vertical sustained its momentum, playing a key role in the substantial growth of our online business. Furthermore, profitability recorded a strong increase primarily due to the expected normalization of operating expenses, reaffirming our continuous focus on cost efficiency.

Overall, we remain confident that we are well-positioned to meet OPAP’s financial and business objectives for the full year, as well as to deliver on the upper end of our 2024 outlook.”