In 2023, OPAP experienced a 7.7% increase in gross gaming revenue compared to the previous year, a growth attributed to significant online expansion and a steady performance in retail sectors.
The main revenue stream continued to be the lottery, despite it showing the smallest growth, while the online casino segment saw a notable revenue jump of 26.2%.
The year also presented challenges, notably a €24.5 million fine levied by the Hellenic Gaming Commission in October for OPAP’s market conduct in Greece.
Despite this, CEO Jan Karas remained optimistic, emphasizing the strength of the fourth quarter and attributing record revenues to the company’s strategic focus on digitalization.
Lottery sales contributed the most to the revenue with €730.0 million, a 2.9% increase due to strong KINO performances.
The sports betting segment also grew by 6.9% to €645.5 million, bolstered by the success of Powerspin, virtual products, and online sports betting.
Revenue from video lottery terminals (VLTs) rose by 8.2% to €344.5 million, and instant and passive games saw a 7.4% increase to €115.9 million.
The most significant growth was in the online casino sector, with a 26.2% increase to €251.8 million, credited to higher player engagement, especially in the fourth quarter.
Operational costs also saw an uptick, with gaming revenue expenses rising by 9.1% to €583.4 million. Payroll, marketing, and other operating expenses also saw increases.
Despite these higher costs, pre-tax profit was reported at €570.1 million, a 21.2% decrease from the previous year, leading to a net profit of €408.3 million, a 31.1% drop from 2022.
The fourth quarter of 2023 was particularly strong for OPAP, with a 7.5% increase in group revenue to €581.2 million.
Lottery, sports betting, VLTs, and online casino revenues all saw increases, though instant and passive revenues declined by 5.2%.
Marketing spend decreased, but other costs rose, and a significant year-on-year drop in net profit was attributed to a one-off profit in the fourth quarter of 2022.
Looking forward to 2024, OPAP provided preliminary guidance anticipating revenue between €2.15 billion and €2.20 billion, which would represent a 4.2% increase. EBITDA is expected to range from €750.0 million to €770.0 million.
Karas expressed commitment to enhancing the company’s offerings, ensuring growth, profitability, shareholder value, and meeting sustainability and social responsibility goals.