Published: March 19, 2023

Greek Operator OPAP reports 26% rise in revenue for 2022

The Greek gambling operator reported growth in all core business units.

Greece.- OPAP has reported revenue of €1.94bn for 2022, a rise of 26 per cent year-on-year. The group benefited from the resumption of normal retail operations after the pandemic, but its online casino business also grew.

The core lottery business generated €709.5m, up 29.2 per cent while betting revenue rose by 15.8 per cent to €603.7m. Video lottery terminal (VLT) revenue rose 63.6 per cent to €318.4m and instant and passives brought in €107.9m, up 21.5 per cent. Online casino revenue was up 7.9% at €199.5m in a year that saw Greece increase its maximum stake limit for online casino.

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.”

As for the future, he said: “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.”

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