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.
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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
