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OPAP Attributes Online Casino Business Success to Increase in Revenue in Q1

OPAP Attributes Online Casino Business Success to Increase in Revenue in Q1

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Online Casinos Business

Updated by Alan Evans

News Writer

Last Updated 31st May 2024, 02:00 PM

OPAP Attributes Online Casino Business Success to Increase in Revenue in Q1

OPAP, the gaming company that holds the exclusive rights to organize and manage numerical lotteries and sports betting in Greece, has announced that its casino growth has pushed revenue up 4.2% at Q1.

The company has attributed its success to the growth of its online casino business.

Lottery Success for Company

There was more success for the Greek Groups Lottery Division, which saw Gross gaming revenue (GGR) in Q1 comfortably surpass the €527.2m reported by OPAP in the same period last year.

The positive and negative figures for the company:

revenue up 4.2% year-on-year to €549.7m (£467.5m/$593.3m)
Net gaming revenue increased 3.6% to €376.5m
online casino business revenue increased by 29.1% to €12.9 million.
Revenue is increasing 29.1% in the online casino segment to €70.9 million 
Lottery and video lottery terminal (VLT) revenue is also higher
VLT revenue increased by 2.5% to €86.5m
€196.0m generated in Q1 3.9% ahead of the previous year
operating expenses were 18.6% higher during Q1 at €105.4m
revenue from the instant and passives business hit €27.8m, a drop of 9.0%
Gaming revenue related expenses were also 15.8% higher at €25.6m
pre-tax profit of €155.7m, down 3.4% year-on-year
€39.9m in income tax, Q1 net profit of €115.8m, drop of 4.0% from €120.6m in 2023

The company said that it remained focused on:

providing generous returns for its shareholders
creating value for stakeholders
giving back to society

Meet The Author

Alan Evans

News Writer

Most of my career was spent in teaching including at one of the UK’s top private schools. I left London in 2000 and set up home in Wales raising four beautiful children. I enrolled at University where I studied Photography and film and gained a Degree and subsequently a Masters Degree. In 2014 I helped launch a new local newspaper and managed to get front and back page as well as 6 filler pages on a weekly basis. I saw that journalism was changing and was a pioneer of hyperlocal news in Wales. In 2017 I started one of the first 24/7 free independent news sites for Wales. Having taken that to a successful business model I was keen for a new challenge. Joining the company is exciting for me especially as it is a new role in Europe. I am keen to establish myself and help others to do the same.

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