OPAP Posts Record-Breaking FY 2023 Results

OPAP, the leading gaming company in Greece, has published its financial results for 2023, reporting record-breaking revenue levels. According to the company, the strong figure was underpinned by the solid growth of both digital and land-based operations.

Gross gaming revenue (GGR) for the period hit EUR 2.08 billion ($2.27 billion), an increase of 7.7% year-on-year. For comparison, the company recorded a GGR of EUR 1.9 billion in 2022. OPAP added that Q4 2023 GGR came in at EUR 581.2 million ($635 million) reflecting an increase of 7.5% year-on-year.

OPAP’s FY 2023 EBITDA remained mostly stable at EUR 730 million (797.6 million). This represents a modest decline of 0.8% from the FY 2022 EBITDA of EUR 736 million. Q4 2023 EBITDA, on the other hand, stood at EUR 210.2 million ($229.7 million), exceeding the results recorded in Q4 2022.

OPAP’s report also highlighted FY 2023 gross profit of EUR 852.3 million ($931.25 million), up by 6.7% year on year, and net profit of EUR 408.3 million ($446.1 million), down by 31.1% year-on-year. Q4 2023 net profit, meanwhile came in at EUR 100.6 million ($116.5 million), a figure representing a drastic 67.2% decline year-on-year.

In 2023, OPAP’s operating expenses came in at EUR 413.6 million ($451.9 million), exceeding the 2022 expenses by 13.3%. Q4 expenses reached EUR 114.6 million ($125.2 million).

OPAP ended the year in a strong financial position, reporting a net debt to EBITDA ratio of 0.23x, or 0.27x including leases.

The Greek gambling giant also published its FY 2024 guidance, saying that it expects GGR in the range of EUR 2.15-2.2 billion ($2.35-2.4 billion) and an EBITDA of between EUR 750 million and 770 million ($819.5-841.3 million).

CEO Karas Applauded His Team for Delivering Record-Breaking Results

Jan Karas, OPAP’s chief executive officer, commented on the results, praising the record-breaking revenues. He attributed the company’s success to its consistent business strategy and the company’s ability to “pursue and achieve ambitious goals.”

Karas said that his team has proposed a generous total shareholder remuneration of EUR 1.85 ($2.02) per share for FY 2023, including the already paid interim dividend of EUR 1 ($1.09) per share.

Looking ahead, in line with our Fast Forward business strategy, we remain committed to further upgrading our proposition, securing sound growth and profitability, rewarding our shareholders and delivering on our sustainability and social responsibility objectives.

Jan Karas, CEO, OPAP

OPAP also highlighted some of its recent achievements, which included ranking among Greece’s top employers and securing the Top Employer in Greece 2024 certification. 

Earlier this month, the company also launched Eurojackpot in Greece, providing players with a shot at huge monetary prizes. The game is played in 19 countries and has distributed more than EUR 12 billion ($13.1 billion) since its inception in 2012.