Lottery leads the way for Greek gaming giant OPAP
Greek gaming firm OPAP is adopting similar ambitions to Allwyn following its multi-billion-euro merger with the multinational lottery company late last year.
Allwyn was already a majority stakeholder in OPAP, holding a controlling stake of 51% prior to the merger. The combination has created one of the world’s largest gambling PLCs.
In its latest accounts, covering FY25 and Q4, OPAP describes itself as a lottery-led firm – something Allwyn has been describing itself as for some time, with lottery forming the basis of its operations while other interests in betting, fantasy and predictions are maintained.
According to OPAP’s latest statement, lotteries remain the main revenue driver for the company with income coming in at €803.7m (€774.8m), an increase of 3.7% on the year prior. Further growth was seen for video lottery terminals, with revenue up 6% from €344.7m to €365.5m.
Overall, OPAP saw gross gaming revenue (GGR) of €2.4bn (£2bn) across the full 12 months of the year – 4.9% more than the €2.29bn the year prior. Q4 revenue rose marginally across the board, up 0.6% year-on-year from €647.8m to €652m.
“FY 2025 was a highly successful year for OPAP, marked by a new GGR record, which led to the delivery of our outlook,” said Jan Karas, OPAP’s Chief Executive Officer.
“The results of 2025 were mainly driven by the exceptional performance of Tzoker, the solid growth of KINO, and the continuing expansion of the iGaming vertical.
“In addition, online activities concluded the year with a 32% contribution to OPAP’s GGR – the highest in the last four quarters – while our iLottery proposition continued gaining momentum.
“Moreover, the highlights of Q4’25 include the robust performance of VLTs and the outstanding growth of PowerSpin, which recorded a 27% increase.”
Mixed picture on profitability
It wasn’t all rosy last year, however. The final quarter of the year saw revenue slip across some verticals, although, as mentioned above, its overall revenue still grew against 2024 comparatives.
Betting revenue was down 4.9% to €224.4m (€236m), as well as instant and passive revenue by 4.9% to €28.6m (€30m). Lottery revenue was also down 2.6% to €196.4m (Q4 2024: €201.7m).
Regarding profitability, OPAP remained in the black overall, reaping the rewards of its dominant market position in Greece across both lotteries and betting.
Overall gross profit for 2025 rose 5.1% to €1bn (€969.7m) and by 0.4% in the final quarter to €278.4m (€277.2m). The picture changes when net profit is factored in – dropping 0.5% to €483.4m (€485.8m) for FY25 and 16.2% to €122.2m (€145.8m) for Q4.
The same is true of EBITDA, with the full year figure down 0.9% to €824.6m (€832m) and 13.5% to €212m (€245.1m) in Q4. OPAP has attributed the declines in both net profit and EBITDA to higher interest, marketing and payroll expenses.
All these stats aside, OPAP remains a profitable business and as mentioned above, once the merger with Allwyn is completed it will be part of one of the world’s largest globally listed gambling companies. The merger is expected to be completed in H1 this year.
The company also heads into 2026 in a solid position in Greece after securing a 12 year contract to operate the country’s National Lottery.
Karas concluded: “Looking ahead, we are excited about the business combination of OPAP and Allwyn, which creates one of the leading global lottery and gaming operators, and delivers both strategic and financial benefits to our shareholders.
“The transaction is expected to be concluded within Q2’26. In this framework, Allwyn will distribute €0.80 per share to shareholders post re-domiciliation to Luxembourg, on top of the €0.50 per share interim dividend paid last November.
“Overall, a new era, the era of Allwyn, has started and we are looking forward to a new chapter of growth, powered by market-leading innovations, unique entertainment experience and a strong commitment to giving back to society.”
https://lotterydaily.com/2026/03/03/highlighted/opap-greece-lottery/