OPAP lauds Q3 sports betting performance ahead of World Cup closing 

OPAP lauds Q3 sports betting performance ahead of World Cup closing 

OPAP SA looks forward to uninterrupted World Cup trading as the Greek firm continues its strong post-pandemic recovery, benefitting from new online and sports betting upgrades. 

The Athens-listed gambling group reports a further consecutive quarter of growth, generating Q3 revenues of  €498m, up 6% on 2021 comparative results of €470m.

Period trading saw OPAP’s lottery unit generate stable revenues of €180m (+1%), as growth was attributed to its sportsbook business benefitting from a “busy sports calendar” helping the unit achieve revenues of €156m (Q3 2021: €141m).

Sports betting growth was buoyed by the continued growth of OPAP’s Stoiximan online casino unit, which generated Q3 revenues of €55m, up 31% on 2021 results of €41m – “affirming successful product enhancements”.

The firm’s strong headline results saw Q3 EBITDA rise by 13% to €195m, as OPAP benefited from multi-channel costs saving synergies generated by its FastFoward corporate strategy.

Group CEP, Jan Karas, commented: “Our Q3 2022 performance was characterized by the continuing retail rebound, as a result of occasional players gradually returning to the game, and the sustained strong growth in online.

“Additionally, business operations’ normalization resulted in an improved EBITDA margin, while contributing to OPAP’s solid financial position.”  

“The benefits emerging from our unique product propositions in both channels and our focus on the continuous upgrade of customer experience showcase the effectiveness of our Fast Forward strategy.

Year-to-date corporate revenues stand at €1.39bn, up 34% on 2021 results of €1.05bn, reflecting the full post-pandemic recovery of OPAP retail units for Lottery, VLT and sports betting across Greece.

Returning its retail units to full capacity, OPAP has increased YTD operating expenses to €252m (YTD2021: €221m).

Entering the close 2022, OPAP leadership outlined that it would monitor a period of tighter consumer spending as YTD net profits track at €258m (YTD2021:€178m).

Kara concluded: “We further engaged with our customers and boosted our performance through initiatives like the launch of innovative, augmented reality Scratch tickets, the conclusion of the migration to our new OPAP Store App, the gamified widgets in online Tzoker and Casino, and promo campaigns that enhance the position of our portfolio.

“Looking ahead – and as the much-anticipated, landmark event of World Cup has just kicked off – we believe this encouraging momentum to lead to a strong finish for the year.”

 

 

Source: SBC News