OPAP reported €1.15 billion in gross gaming revenue for the first half of its 2025 financial year.
Allwyn-owned OPAP reported a 6.5% year-on-year increase in group revenue during the first half of 2025, primarily driven by double-digit growth within its iGaming business.
GGR in the six months through to 30 June amounted to €1.15 billion ($1.34 billion), OPAP reported on Wednesday. This comfortably surpassed the €1.08 billion reported in the first half of last year.
Four of five segments within OPAP reported growth in H1, the exception being instant and passives, which saw a slight decline. Lottery remained its main source of revenue, ahead of sports betting, but it was iGaming that experienced the most growth.
Revenue from iGaming in H1 topped €171.3 million, up 22.1% from the same period last year. OPAP put this down to higher player engagement, with this backed up by comments from CEO Jan Karas.
Double-digit growth was recorded in the iGaming business across both the first and second quarters of 2025. This continued a trend that carried over from 2024, with iGaming the main area of growth for OPAP.
“iGaming delivered strong results for yet another quarter,” Karas said. “This was supported by the continuous evolution of the game portfolio, user experience and loyalty proposition.”
Lottery leads the way in H1
However, Karas also highlighted continuing success within the group’s lotteries segment. Here, he picked out both the Tzoker and Eurojackpot draws as stand-out catalysts for growth.
Lottery revenue was up 3.9% year-on-year to €386.7 million, the largest of any segment at OPAP.
“Revenue growth was driven mainly by Tzoker,” he said. “It maintained high levels of player engagement and performance thanks to a series of favourable jackpot rollovers, which also extended into Q3.
“Eurojackpot’s positive momentum also continued, supported by a new communication campaign. These factors had a broader positive impact on retail footfall and all gaming verticals.”
Euro 2024 impacts sports betting performance
Elsewhere, sports betting revenue climbed 5.2% to €368.2 million. This was impacted by tough comps in Q2 with the early stages of the Euro 2024 football tournament last year. Betting revenue was down 1.9% during the quarter.
This offset growth within the segment in Q1.
Another area that saw 4.3% revenue growth was video lottery terminals (VLTs) to €173.7 million. OPAP said that this was due to product enhancements and ongoing terminal upgrades across its network.
The one area of decline for OPAP – instant and passives – saw revenue dip by 0.5% to €52.2 million. However, with the segment returning to growth in Q2, this suggested a change in fortunes, with scratchcards reversing the recent downward trend.
Bottom-line net profit tops €239.7 million
After GGR contribution and other levies and duties, net gaming revenue in H1 was €787.9 million, beating last year by 6.4%.
Costs were higher but revenue growth offset this, with EBITDA rising 6.6% to €398.4 million. Operating profit was 7.3% higher at €329.8 million, while pre-tax profit climbed 7.0% to €324.5 million.
Income tax payments totalled €84.5 million, meaning OPAP ended H1 with a bottom-line net profit of €329.7 million, up 6.6% year-on-year. This was split €233.4 million to owners of the company and €6.3 million to non-controlling assets.
Q2 revenue up 4.7% at OPAP
As for Q2, GGR climbed 4.7% to €557.9 million. Again, this was helped by double-digit growth in the iGaming segment, while the lottery, betting, VLT and instant and passives businesses also saw increases.
Q2 net gaming revenue climbed 4.9% to €381.5 million, with gross profit up 5.5% to €236.2 million. EBITDA was 4.3% higher at €191.3 million while net profit to owners of the company increased 3.6% to €110 million.
“Looking ahead, we are confident that OPAP is well positioned to meet its financial and business objectives for FY2025,” Karas said. “We remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders.”
