OPAP’s kicked off 2025 with a bang, posting a strong first quarter as digital momentum continued to build. Online casino kept climbing, retail held its own, and January’s Tzoker jackpot set a new record. It’s a confident start, and the OPAP Q1 2025 results suggest the operator’s on track with its full-year game plan.

  • Q1 gross gaming revenue came in at €595 million, up 8.2% year-on-year. Online casino saw a near 20% boost to €84.9 million, driven by higher player spend and engagement. Retail also saw gains, thanks to better sports betting margins and more digital tools in-store.

  • Gross profit from gaming hit €250.8 million, up 10.7% – so margins are improving faster than revenue. A lot of that comes down to the shift toward online and a string of favourable betting results. The €19.5 million Tzoker jackpot in January didn’t hurt either.

  • EBITDA landed at €207.1 million, rising 8.8% compared to last year. Net profit reached €123.4 million, nudging up 8.9%. That keeps the EBITDA margin around the 35% mark—right where they want it.

  • Operating expenses went up to €113.3 million, a 7.5% jump year-on-year. That was mostly down to IT spend as OPAP keeps beefing up its digital channels. The company’s betting big on omnichannel—and those costs reflect that shift.

  • Lottery brought in €206.8 million, helped massively by that Tzoker jackpot—the biggest in the game’s history. Betting revenue jumped nearly 13% to €190 million, thanks to favourable results across the first two months. iGaming continued to grow fast, with casino content and player spend both trending up.

  • VLTs pulled in €87.8 million, slightly ahead of last year despite a tougher market. Instant & Passives dipped 7.9% to €25.6 million, but Scratch held its ground. Gaming-related costs rose more slowly than revenue, up just 3.8%, showing better efficiency overall.

  • The April AGM drew in shareholders from 33 countries, with nearly 80% turnout and 99% of votes in favour across the board. OPAP streamed it online, reflecting the hybrid setup it’s rolling out more broadly.

  • On the dividend front, OPAP paid out a total €1.40 per share for FY2024. That’s €503 million in total, with the final €0.80 per share distributed in May after an interim payout last November. The company’s sticking to its promise of a minimum €1 per share every year.

  • “2025 has started well with a set of robust Q1 results,” said CEO Jan Karas. “Major drivers have been sports betting and iGaming, while Tzoker benefited from a record-breaking jackpot.” He also flagged continued focus on digital and tech, with Allwyn’s backing giving them more muscle to scale.

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