Operator News

Greece – Record fourth quarter sees OPAP’s year surge by 26 per cent

By Phil - 17 March 2023

OPAP’s revenues 2022 increased by 26 per cent year-on-year reaching €1,939m on the back of favorable year-on-year comps on retail and online demonstrating persisting growth.

In the fourth quarter GGR landed at the highest ever reading of €540.9m, up by 8.5 per cent year-on-year, reflecting increased playability in both online and retail, also driven by the World Cup and notwithstanding players’ friendly match results.

Total betting revenues reached €603.7m in FY 2022 versus €521.4m in FY 2021 higher by 15.8 per cent year-on-year on the back of continuous retail operation during 2022 and strong online contribution. Q4 2022 was driven by the World Cup, that contributed to increased walk-ins and playability. GGR landed at €161.0m, lower by 3.1 per cent year-on-year, reflecting customer-friendly match results.

Revenues from lottery reached €709.5m in FY 2022 versus €549.2m in FY 2021, higher by 29.2 per cent year-on-year reflecting strong trading versus last year’s lockdowns. Lottery GGR in Q4 2022 increased by 5.5 per cent standing at €193.9m mostly due to high jackpot rollovers in Tzoker and hefty KINO performance.

VLTs revenues in FY 2022 landed at €318.4m, higher by 63.6 per cent year-on-year. In Q4 2022 VLTs revenues marked a record high quarterly performance, standing at €93.4m, higher by 26.1 per cent year-on-year, due to accelerated footfall, while on-going machines optimisation is paying-off.

Operating costs rose 13.5 per cent to €365.1m, however, net profit was up 73.8 per cent at €592.3m. EBITDA rose 33.7 per cent to €736m.

Chief executive Jan Karas said: “OPAP reported a record-high quarterly performance in Q4, rounding off a remarkable year, with tangible progress in the implementation of our strategic objectives and increased activity across our channels. EBITDA came in ahead of our latest outlook, with improved margins, while our leverage position further improved.

“In line with our standing commitment to generating value for our shareholders, we are pleased to be proposing a generous total shareholder return for FY22 of €1.45 per share, including the already paid interim dividend of €0.30 per share.”

“Looking ahead, we will focus on showcasing our retail estate as a local affordable entertainment destination. We will also expand our online presence through our ilottery proposition, which completes our online gaming arsenal. 

“Last but not least, we remain committed to delivering sound financial results, while taking further steps towards realising our vision of offering best-in-class entertainment and giving back to society.”