OPAP posts strong H1 2025 results as Greek state lottery tender heats up

• Greek gaming operator OPAP reports 6.5% revenue growth to €1.15 billion in first half of 2025, driven by robust online performance.
• iGaming division delivers standout 22.1% revenue increase to €171.3 million, whilst online operations now account for 31% of total group revenue.
• Strong financial results arrive as OPAP progresses to final phase of competitive tender for Greece’s state lottery licence worth at least €190 million.
• Net profit climbs 6.3% to €233.4 million as company declares interim dividend of €0.50 per share for shareholders.

Greek gaming giant OPAP has delivered robust half-year results showing accelerated growth across its digital channels, as the company advances to the final stage of bidding for Greece’s lucrative state lottery licence.

The Athens-listed operator reported gross gaming revenue of €1.15 billion for the six months ending 30th June 2025, representing a 6.5% year-on-year increase from €1.08 billion in the corresponding period of 2024. Net profit rose 6.3% to €233.4 million, whilst the company declared an interim dividend of €0.50 per share.

Digital transformation drives performance

OPAP’s online division emerged as the standout performer, with gross gaming revenue climbing 9.2% year-on-year and now representing 31% of total group revenue. The company’s iGaming operations delivered particularly strong results, with revenue surging 22.1% to €171.3 million in H1 2025.

The second quarter alone saw iGaming revenue grow by 24.4% to €86.4 million. Sports betting also contributed to the digital momentum, with combined online and retail betting revenue reaching €190 million in Q1 2025, up 12.8% year-on-year.

OPAP Chief Executive Jan Karas attributed the strong performance to “solid organic growth, driven by continued momentum in online”. The company has accelerated its retail digitalisation efforts through initiatives including the OPAP Store app and enhanced loyalty programmes.

Retail operations show resilience

Despite the digital focus, OPAP’s traditional retail operations maintained steady growth with a 2.8% year-on-year increase. Lottery games remained the company’s largest revenue source at €206.7 million in Q1, though this represented a decline in overall revenue share as digital channels expanded.

Video lottery terminals generated €87.8 million in Q1, up 1.5% year-on-year. The company benefited from favourable jackpot rollovers, including a record-breaking €19.5 million Tzoker jackpot in January 2025.

State lottery licence battle intensifies

The strong financial results arrive at a crucial juncture for OPAP, which is competing for exclusive rights to operate Greece’s state lotteries for at least 10 years. The tender process, managed by Greece’s sovereign wealth fund Growthfund, covers the National Lottery, Housing Lottery, Popular Lottery, Special Social Lottery, and instant scratch cards.

Just two contenders remain in the final phase: OPAP Investment Ltd, a wholly owned subsidiary of OPAP, and Brightstar Global Solutions Corporation, associated with lottery company IGT. Both companies passed Phase A evaluation and are expected to submit binding offers in Phase B.

The current lottery licence, held by OPAP’s Hellenic Lotteries subsidiary since 2013, expires in May 2026. OPAP previously paid €190 million upfront for the 12-year concession, alongside guaranteed revenue contributions to the Greek state.

Financial strength supports growth strategy

OPAP’s robust financial position has been bolstered by its integration with parent company Allwyn, which acquired the Greek operator as part of its European expansion strategy. The company reported EBITDA growth of 8.8% to €207.1 million in Q1 2025.

Gross profit from gaming operations rose 8.1% year-on-year to €487.0 million in H1 2025, driven by revenue growth and strong margins. The company maintained its positive outlook for full-year 2025, expressing confidence in delivering growth and profitability targets.

Looking ahead, OPAP continues to focus on customer-centric innovations across both retail and online channels, whilst leveraging its position within the Allwyn group to offer enhanced gaming experiences.

The outcome of the state lottery tender, expected in the coming months, will significantly impact the company’s long-term strategic positioning in the Greek gaming market.