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OPAP S.A.: Q1FY24 Financial Overview & Recent Developments

21 Jun, 2024
Written by
Elizaveta Latinskaya
Elizaveta Latinskaya
Reviewed by
Aigerim Ercik
Aigerim Ercik
OPAP S.A.: Q1FY24 Financial Overview & Recent Developments

Greece’s OPAP Posts Record Q4 Gross Gaming Revenue

Greece’s leading gaming company, OPAP S.A., has reported its highest-ever quarterly gross gaming revenue (GGR) for Q4 2023. This remarkable achievement is attributed to increased playability in retail betting and heightened engagement in its online casino sector. The quarterly GGR reached €581.2 million ($635.83 million), up from €540.9 million in the same quarter the previous year. However, the company’s quarterly recurring net profit saw a decline of 13.9%, dropping to €109.7 million, primarily due to higher deferred taxes.

Growth Drivers and Future Projections

CEO Jan Karas highlighted the company’s robust performance in both retail and online businesses, marking solid growth. For 2024, OPAP projects its GGR to be between €2.15 billion and €2.20 billion, with annual earnings before interest, taxation, depreciation, and amortization (EBITDA) expected to range between €750 million and €770 million. Additionally, OPAP has announced a total dividend of €1.85 per share for 2023, which includes an already paid interim dividend of €1 per share.

Market Position and Investor Sentiment

OPAP’s stock, traded on the Athens Stock Exchange under the ticker OPAP, currently has a price-to-earnings (P/E) ratio of 13.2x, which is in line with the market median of 12x in Greece. Despite recent declines in earnings, the company has experienced a significant 112% overall rise in earnings per share (EPS) over the last three years. Analysts forecast a 7.5% annual increase in EPS for the next three years, aligning closely with the broader market’s 8.3% annual growth forecast.

Investors seem cautiously optimistic, reflected in the company’s moderate P/E ratio, suggesting that the market expects OPAP’s earnings performance to stabilize and grow in line with market trends.

Company Background

Founded in 1958 and publicly listed in 2001, OPAP S.A. operates in the iGaming sector, specializing in sports betting, online casino gaming, and lottery services. It remains a prominent player in the Greek gaming industry, known for its comprehensive suite of gaming offerings.

Q1FY24 Financial Report Overview

In the first quarter of FY24, OPAP showcased promising financial performance and operational progress, setting a strong foundation for the year ahead.

Financial Performance

  • EBITDA Margin: OPAP reported an EBITDA margin of 35% for Q1FY24, consistent with the margins observed in the last quarters of the previous year.
  • Cash Position: The company maintained a robust cash position, with a Net Debt/LTM EBITDA ratio of 0.14x.
  • Outlook: The company remains on track to meet its 2024 financial outlook.

Operational Progress

  • Eurojackpot: Significant growth supported by a comprehensive 360-degree campaign, contributing to incremental GGR.
  • Online Sportsbook: Preparation for Euro 2024 includes a new loyalty scheme and further product enhancements.
  • iLottery: High penetration driven by increased player awareness and improved customer experiences.
  • Digitalization: The OPAP Store App’s customer base continues to grow, reflecting the company’s focus on digitalization.

Business Outlook

For FY24, OPAP has provided a bullish outlook, expecting GGR to be between €2,150 million and €2,200 million and EBITDA to range from €750 million to €770 million. The company also plans to distribute the bulk of its net profit as cash dividends.


OPAP S.A. has demonstrated resilient growth in both its retail and online segments, achieving record quarterly revenues and maintaining strong financial health. With promising projections for 2024, the company is well-positioned to sustain its market leadership in the Greek gaming industry. Investors remain cautiously optimistic, with market sentiments reflecting expectations of stable and consistent growth. As OPAP continues to enhance its product offerings and expand its digital footprint, it is poised to capitalize on new opportunities in the evolving iGaming landscape.

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