Commenting on the Q3 2024 results, Group CEO Jan Karas, stated: “Following the solid performance in the first half of 2024, OPAP has delivered a strong set of results in Q3. The quarter’s highlight was Tzoker’s Mega Jackpot, which led to enhanced activity in both the retail and online channels, alongside increased footfall in our stores.

The gambling operator saw double-digit growth across lottery, sports betting and online casino.

Greece.- Double-digit growth in lottery, online casino and sports betting drove OPAP’s revenue up by 17.6 per cent year-on-year in Q3. The Greek gambling operator reported quarterly revenue of €565.8m compared to €481m in Q3 of 2023.

Four of the company’s five core divisions saw revenue growth. Lottery remained the biggest contributor, generating €200m in the quarter, up by 20.5 per cent. Retail performance was strong, and a second-highest-ever Tzoker Mega jackpot also helped drive sales in the segment.

Online casino revenue leapt 48.3 per cent year-on-year to €92.7m. OPAP said it had benefited from increased player engagement. Meanwhile, video lottery terminal (VLT) revenue was up just 0.7 per cent at €83.5m. OPAP ascribed this more lacklustre growth to a downturn in consumer spending amid higher inflation.

Sports betting revenue was up by 16.1 per cent at €167.1m, aided by the end of the Euro 2024 tournament at the start of the quarter. The comparison was also low due customer-friendly results in Q3 of 2023. Finally, the only segment that fell was instant and passives, where revenue dropped by 11.9 per cent to €22.5m due to poor scratchcard and Laiko sales.

Net gaming revenue after agent commissions and other direct costs was up by 17.8 per cent at €386.8m. Gross profit from gaming was up by 25 per cent at €241.9m, EBITDA rose by 46.6 per cent to €213.2m and net profit was up 44.7 per cent at €120.5m.

Revenue for the first nine months of the year stands at €1.65bn, up by 9 per cent. Pre-tax profit was €486.2m, up 17.8 per cent.

OPAP CEO and chairman Jan Karas said: “Following solid performance in the first half of 2024, OPAP has delivered strong results for Q3. Positive trends 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 growth of our online business.”

Karas added: “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.”

https://focusgn.com/greek-gambling-giant-opa-sees-revenue-rise-17-6-in-q3