Greek gaming giant OPAP kicked off 2025 with strong momentum. The first half of the year brought a 6.5% increase in gross gaming revenue (GGR), reaching €1.15 billion, thanks largely to standout performance in the iGaming vertical.
iGaming Leads the Charge
OPAP’s online casino arm is proving to be its growth engine. iGaming revenue jumped 22.1% year-on-year, reaching €171.3 million in H1. This double-digit rise was a consistent theme across both quarters, underlining how important digital innovation has become for the company.
Jan Karas, CEO of OPAP, summarized the achievement:
“iGaming delivered strong results for yet another quarter. This was supported by the continuous evolution of the game portfolio, user experience and loyalty proposition.”
Lottery Remains the Pillar—but Digital Accelerates Growth
Despite iGaming’s bright shine, traditional lottery revenue remains OPAP’s backbone. Its lottery segment—driven by flagship draws like Tzoker and Eurojackpot—generated €386.7 million, up 3.9% year-on-year. Karas noted that favorable jackpot rollovers and fresh marketing support sustained player interest.
A Mixed Story in Sports Betting and VLTs
Sports betting brought in €368.2 million, rising 5.2% despite tough comparatives from the previous year’s Euro 2024 period, which dampened Q2 performance in isolation. Video Lottery Terminals (VLTs) delivered €173.7 million, marking a 4.3% gain as refreshed terminal features spurred usage.
The only slight dip came in “instant and passives” (scratchcards and similar offerings), off 0.5% to €52.2 million—although early Q2 signs showed a modest rebound.
Solid Metrics Across the Board
OPAP’s operational health remained robust:
- Net gaming revenue: €787.9 million, up 6.4%
- EBITDA: €398.4 million, an increase of 6.6%
- Operating profit: €329.8 million, up 7.3%
- Pre-tax profit: €324.5 million, rising 7.0%
- Net profit attributable to owners: €233.4 million, up 6.6% overall
For Q2 alone, totals also rose: GGR by 4.7%, net gaming revenue by 4.9%, and EBITDA by 4.3%.
Snapshot – H1 2025 Quick Stats
| Segment | H1 Performance & YoY Change |
|---|---|
| Total GGR | €1.15 billion (+6.5%) |
| iGaming | €171.3 million (+22.1%) |
| Lottery | €386.7 million (+3.9%) |
| Sports Betting | €368.2 million (+5.2%) |
| VLTs | €173.7 million (+4.3%) |
| Instant & Passives | €52.2 million (–0.5%) |
| Net Gaming Revenue | €787.9 million (+6.4%) |
| EBITDA | €398.4 million (+6.6%) |
| Net Profit (owners) | €233.4 million (+6.6%) |
Bottom line: OPAP’s half-year reveals a focused pivot toward digital resilience. While lotteries and retail remain strong, iGaming is consistently punching above its weight. The combination positions OPAP well to navigate the evolving iGaming landscape—and maintain profitable, diversified growth.