OPAP’s financial performance has increased in the 9th month of 2024, as a result of which the group’s management predicts that the figures for the whole year will move to the upper limit of its forecasts.

In particular, net revenue before contributions (GGR) for the nine months of 2024 stood at €1.65 billion compared to €1.51 billion in the nine months of 2023, up 9.4% year-on-year, as a result of strong growth in the ground business (retail) and the dynamic online performance, which contributed 31% to the Group’s total revenues in the third quarter of 2024. Q3 2024 GGRs amounted to €565.8m, up 17.6% on an annual basis, mainly because of the Mega Jackpot in Joker and increased sports betting activity accompanied by strong online casino performance.

Gross profit (from games) in the nine months of 2024 increased by 12.4% year-on-year to €692.5m (nine months of 2023: €616.1m), driven by revenue growth and strong margins.

In Q3 2024 gross profit (from games) increased by 25.0% YoY to €241.9m (Q3 2023: €193.5m).

Operating expenses for the first nine months of 2024 amounted to €314.6m. compared to €299.0 million in the nine months of 2023, up 5.2% year-on-year. The operating expenses of the third quarter of 2024 decreased by 12.2% on an annual basis to €100.6m. (3rd quarter 2023: €114.6m) confirming the management’s commitment to normalize costs within the second half of the year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the nine months of 2024 increased by 12.9% year-on-year to €586.9 million (nine months of 2023: €519.9 million) or increased by 7.6% on a recurring basis annual basis. Q3 2024 EBITDA amounted to €213.2 million (Q3 2023: €145.4 million), up 46.6% YoY, or 23.8% YoY, due to of strong revenue growth and containment of operating expenses.

Net profit in the nine months of 2024 was €352.0 million (nine months of 2023: €307.7 million), up 14.4% year-on-year (or +5.6% on a recurring annual basis). Net profit in Q3 2024 was €120.5m (Q3 2023: €83.3m), up 44.7% YoY (or 21.5% YoY ), following the increase in EBITDA.

It is also pointed out that OPAP’s cash position is strongwith net borrowing at €119.3 million, and a Net Debt/LTM EBITDA ratio
at 0.15x (0.18x including leases).

Finally, it is noted that the strong profitability of the nine months of 2024; drives total EBITDA for the year towards the upper end of annual forecasts.

Commenting on the results, OPAP CEO Jan Karasstated:

“Following the dynamic performance of the first half of 2024, OPAP managed to achieve strong financial results in the third quarter. The most important development of the quarter was the Joker Mega jackpot, which led to enhanced activity in both the retail and online channels, as well as increased traffic in our stores. Positive trends also continued in sports betting on both channels, thanks to a rich sports calendar. In addition, online casino games maintained their momentum, playing an important role in the substantial growth of our online activities.

Furthermore, a strong increase in profitability was recorded, mainly due to the expected normalization of operating expenses, which confirms our continued focus on the efficiency of our operations in terms of costs.

Overall, we remain confident that we are well positioned to deliver on OPAP’s financial and business objectives for the full year, as well as deliver performance that will be at the high end of our 2024 forecasts.”