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Greece – OPAP’s revenues grow by 15 per cent driven by strong VLT performance

By - 26 May 2023

Greek gambling operator OPAP generated first quarter Gross Gaming Revenues (GGR) of €527.4m higher by 15.4 per cent year-on-year driven by ‘successful commercial activities and positive retail sentiment, achieving significant growth in both channels.’

The company highlighted its ‘constant focus on upgrading the customer proposition, digitalizing the network while accelerating the inclusion of the social element in the retail experience, sits squarely in our FFWD Strategy execution.”

Lottery revenues reached €188.7m in Q1 2023 versus €170m in Q1 2022, higher by 11 per cent year-on-year on the back of accelerated KINO performance and Tzoker favorable jackpot rollovers, also supported by targeted product initiatives.

Total betting revenues reached €168.9m in Q1 2023 versus €152.8m in Q1 2022 higher by 10.5 per cent year-on-year, boosted by significant growth and contribution of Virtuals and Powerspin, alongside overall increased online demand.

VLTs revenues in Q1 2023 reached €84.4m, higher by 21.7 per cent, maintaining strong momentum on the back of expanded activity rates, in turn aided by commercial initiatives.

Revenues from Online Casino stood at €54.9m in Q1 2023 vs €41.5m in Q1 2022, demonstrating strong growth on the back of higher player engagement levels and spending.

OPAP’s CEO, Jan Karas, said: “After an impressive Q4 2022, OPAP started 2023 strongly, posting solid organic growth. The significant profitability reported in Q1 2023 reflects our compelling customer proposition, as well as our enhanced operational efficiency.

“Overall, major progress has been made across all pillars of OPAP’s Fast Forward business strategy. Among other things, we have further improved our offering and upgraded customer experience. The revamped Pamestoixima.gr sportsbook delivers an attractive offering, resulting in boosted customer engagement. Additionally, our newly launched iLoterry platform, Opaponline.gr, strengthens our digital footprint, allowing OPAP to provide the most comprehensive online proposition in the market and offer more entertainment to its customers. Moreover, OPAP Store App continues to bear fruit, showcasing the tangible impact of our initiatives to digitalize the retail customer journey,” he added.

“Looking ahead, we remain well positioned for the next chapters of our growth story and ready to ensure that OPAP is fully leveraging market opportunities, while meeting its commitments vis-à-vis sustainability and giving back to society.”

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