OPAP achieved record GGR during its FY25, led by a 16.9% rise in iGaming revenue as the company continues its integration with Allwyn.
The Greek lottery on Monday reported full-year GGR for the 12 months ending 31 December 2025 reached €2.4 billion ($2.8 billion), a 4.9% rise on the previous year.
This growth was led by its iGaming segment, where revenue increased 17% to €350.6 million. Meanwhile, revenue from VLTs also rose 6% to €365.6 million.
Lottery led the way in terms of revenue, increasing 3.7% to €803.7 million, while betting revenue rose 1.4% to €782.2 million. All five segments grew across OPAP during the period, with instant and passives marking the lowest rise at 0.7%, up to €105.8 million.
OPAP continues to move through a transformative period, as it is in the process of merging with lottery giant Allwyn International to create a combined business worth €16 billion.
The deal received approval from the Allwyn and OPAP boards in February, and the former will redomicile to Allwyn’s home of Luxembourg and be renamed Allwyn AG shortly.
In its earnings report, OPAP CEO Jan Karas described 2025 as a “hugely successful year”, referencing the “continuing expansion” of the business’ iGaming vertical.
He also voiced optimism over the merger with Allwyn, with the transaction expected to conclude within Q2 of this year.
“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,” Karas said.
“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.”
EBITDA and net profit declines
Despite its record full-year GGR, OPAP’s EBITDA and net profit both fell marginally as operating expenses increased 15% to €488.4 million year-on-year.
EBITDA was down by 0.9% year-on-year to €824.6 million, while net profit also edged down to €483.4 million, a 0.5% decline.
The increased operating expenditure was particularly apparent in Q4, when it reached €148.6 million, a 33.4% year-on-year rise. OPAP attributed this to increased advertising costs and payroll expenses, with the latter down to a higher headcount to support its digital strategy.
This meant a Q4 EBITDA of €212 million, a 13.5% year-on-year decline, while net profit for the quarter also fell 16.2% to €122.2 million. This was despite a Q4 revenue of €652 million, 0.6% higher than the same quarter of 2024.
Original article: https://igamingbusiness.com/finance/opap-record-ggr-fy25-igaming-surges-allwyn-integration/
