OPAP has reported encouraging results for the first quarter of 2025, keeping management optimistic about reaching its annual targets. The company boasts a robust business model with a diverse range of distribution channels and profit streams, which helps reduce potential risks in an uncertain global economy.
Jan Karas, CEO of OPAP, stated, “The year 2025 has begun on a strong note, with impressive first-quarter results. Our consistent organic growth, driven by significant progress in our online operations, reinforces our confidence in meeting our 2025 projections. Our success is largely attributed to our sports betting and iGaming sectors, while the Tzoker game enjoyed a favorable jackpot streak, highlighted by a record jackpot in January.”
Profitability
Net revenue reached 595.0 million euros, reflecting an 8.2% year-on-year increase, primarily due to a 20% rise in online growth and a 4% performance boost from retail activities, supported by strong profit margins in sports betting and the record jackpot from Tzoker.
Gross profit from gaming surged by 10.7% to 250.8 million euros year-on-year, outpacing revenue growth. Earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed by 8.8% to 207.1 million euros, following an increase in gross gaming revenue (GGR).
Karas emphasized that “the digital transformation of our retail network is advancing rapidly, particularly through the OPAP Store App, which provides tailored experiences based on our loyalty program. Additionally, as a proud member of Allwyn, we will continue to deliver unique experiences for our customers. Overall, our strong first-quarter performance positions us well to achieve our growth and profitability goals, create shareholder value, and advance our priorities in sustainability and social responsibility.”
