OPAP S.A., the leading gaming operator in Greece, has announced its consolidated financial results for the first half of 2025, delivering solid revenue and profit growth in line with its full-year targets.
Gross Gaming Revenue (GGR) reached €1,153 million in H1 2025, up 6.5% year-on-year, while Q2 GGR rose 4.7% to €557.9 million, driven by strong online performance (+9.2%) and a resilient retail channel (+2.8%).
Gross profit from gaming operations stood at €487 million, up 8.1%, while EBITDA increased 6.6% to €398.4 million. Net profit came in at €233.4 million, up 6.3% year-on-year.
Strong performance across business segments
Lotteries: €387.7m (+3.9%), led by strong Tzoker rollovers.
Betting: €368.2m (+5.2%), though Q2 declined 1.9% due to Euro 2024 comparables.
VLTs: €173.7m (+4.3%), supported by product upgrades and terminal enhancements.
Instant & Passives: €52.2m (-0.5%), with a 7.8% rebound in Q2.
iGaming: strong growth of 22.1% to €171.3m, with Q2 up 24.4%.
Dividend, acquisitions and financial position
The Board approved an interim dividend of €0.50 per share, with ex-dividend date November 3 and payment date November 10, 2025. Including this distribution, OPAP will have returned €1.30 per share to shareholders in 2025.
In addition, OPAP announced the acquisition of the remaining 15.51% stake in Stoiximan for €191.6 million, raising its ownership to 100% and further strengthening its leadership in Greece and Cyprus in online sports betting and iGaming.
The company maintains a strong balance sheet with net debt of €147.7 million and a net debt-to-EBITDA ratio of just 0.17x.
OPAP CEO Jan Karas said:
“Q2 2025 was another strong quarter, with revenue growth despite tough sports betting comparables from Euro 2024. Tzoker and Eurojackpot boosted player engagement and retail traffic, while iGaming once again delivered robust results. These figures reflect the successful execution of our strategy and our ability to generate sustainable value.”
Outlook
OPAP confirmed it remains on track to deliver its 2025 outlook, maintaining its focus on sustainable growth, product innovation, ESG commitments, and creating value for shareholders and stakeholders alike.
18+ | Juegoseguro.es – Jugarbien.es
