Athens, Greece — OPAP, the Greek Organisation of Football Prognostics S.A., reported a 6.5% year-on-year increase in its gross gaming revenue (GGR) for the first half of 2025, reaching €1.15 billion. The company also posted an EBITDA of €398.4 million and a net profit of €233.4 million, compared with €373.7 million and €219.5 million respectively in the same period last year. In line with this financial strength, OPAP’s board declared an interim dividend of €0.50 per share, signaling confidence amidst a shifting gaming environment.
Greece also sees the benefits of online gaming—numbers don’t lie
Jan Karas, OPAP’s chief executive officer, highlighted the results as a testament to robust operational management and strategic growth. “Q2 2025 marked a solid quarter for OPAP, delivering topline growth of 4.7% year-on-year despite difficult sports betting comparables linked to Euro 2024,” Karas explained. He attributed these gains to a well-balanced strategy combining vigorous online growth with sustained retail performance.
OPAP operates under Greek gaming regulations that confer exclusive rights to organize numerical lotteries and sports betting within Greece.
Other segments also showed growth:
- Video Lottery Terminals (VLTs): €85.8m in Q2 (+7.3%), €173.7m in H1 (+4.3%)
- Instant & Passive Games: €26.6m in Q2 (+7.8%), flat at €52.2m in H1
- Online Gaming (iGaming): €86.4m in Q2 (+24.4%), €171.3m in H1 (+22.1%)
Group revenue for Q2 rose 4.7% year-on-year to €557.9m:
- Net gaming revenue: €381.5m (+4.9%)
- Gross profit: €236.2m (+5.5%)
- EBITDA: €191.3m (+4.3%), margin 34.3%
- Net profit: €110.0m (+3.6%), EPS €0.3039
- Operating expenses: €114.9m (+5.8%)
For the half-year:
- Gross gaming revenue: €1.153bn (+6.5%)
- Net gaming revenue: €787.9m
- Gross profit: €487.0m (+8.1%)
- EBITDA: €398.4m (+6.6%), margin 34.6%
- Net profit: €233.4m (+6.3%), EPS €0.6451
- Operating expenses: €228.2m (+6.7%)
The company’s current financial position emerges amid the ongoing international tender for Greece’s state lottery concession, conducted under frameworks including the Hellenic Republic Asset Development Fund regulations. Among preselected bidders, OPAP Investment Ltd, a wholly owned subsidiary, aims to secure this concession, which encompasses multiple lottery products and mandates regulatory compliance for responsible gaming.
This robust financial growth strengthens OPAP’s market position, enhancing its leverage in the lottery concession process and reinforcing investor confidence. The improved revenues enable further strategic investments such as the recent acquisition of a controlling stake in the Stoiximan online betting platform, extending OPAP’s digital footprint throughout Greece and Cyprus. These moves establish OPAP as a dominant force influencing the regulation-driven evolution of Greece’s gambling sector.
