OPAP SA has published its second-quarter and half-year results for 2025, showing steady growth overall despite softer sports betting revenue. 

The Athens-listed gambling group pointed to strong lottery demand, expanding digital activity and strategic acquisitions as key drivers of performance.

Sports betting slows 

Sports betting was the only major segment to decline in Q2. Revenue slipped 1.9% year-on-year to €178.2m, with last year’s Euro 2024 tournament providing an unusually strong comparison base. 

The business remains highly competitive, with OPAP facing domestic operators such as Novibet and international groups like Betsson.

For the first six months of 2025, however, betting still delivered growth. Revenue rose 5.2% to €368.2m, supported by Stoiximan’s contribution. 

OPAP has also agreed to buy out the remaining 15.51% stake in the sportsbook for €191.6m, with completion expected in the third quarter subject to regulatory approval in Cyprus.

Lotto remains core 

Lotteries continued to anchor group performance. In Q2, sales reached €180.9m, almost one-third of total gross gaming revenue. Online lottery activity was especially strong, with opaponline.gr up 30% compared to Q2 2024. For the half-year, lottery revenue climbed 3.9% to €387.7m.

The company credited its lottery game Tzoker for sustaining engagement thanks to a series of “favourable jackpot rollovers.” Eurojackpot also gained momentum, which the firm partially attributed to a new marketing campaign that boosted retail traffic.

Digital boosts wider verticals 

Other segments also reported growth. Video Lottery Terminals produced €85.8m in Q2, up 7.3%, and €173.7m across H1, a rise of 4.3%. 

Instant and Passive games increased 7.8% in the quarter to €26.6m but were flat year-to-date at €52.2m. iGaming stood out once again, advancing 24.4% in Q2 to €86.4m and ending the half at €171.3m, a gain of 22.1%.

Meanwhile, group revenue for Q2 rose 4.7% year-on-year to €557.9m. Net gaming revenue increased 4.9% to €381.5m, while gross profit grew 5.5% to €236.2m. EBITDA reached €191.3m, up 4.3%, with a margin of 34.3%. Net profit came in at €110.0m, up 3.6%, with earnings per share of €0.3039. Expenses for the quarter were €114.9m, 5.8% higher than last year.

For the first half, gross gaming revenue was €1.153bn, up 6.5%. Net gaming revenue reached €787.9m, with gross profit climbing 8.1% to €487.0m. EBITDA increased 6.6% to €398.4m, with a 34.6% margin. Net profit stood at €233.4m, up 6.3%, and EPS was €0.6451. Operating expenses were €228.2m, up 6.7%.

CEO, Jan Karas, said: “Q2 2025 was another strong quarter for OPAP, with solid financial results delivering 4.7% y-o-y top-line growth, despite tough sports betting comparables due to the Euro 2024 tournament. 

“Overall, the Q2 results reflect the successful execution of our business strategy, as well as our ability to generate sustainable value. In this framework and in line with our commitment to delivering strong shareholder returns, we are pleased to announce an interim dividend of €0.50 per share.”

Greek tender looms 

Leadership is preparing for the Greek government’s next lottery concession, which will take effect after the current agreement ends on 1 May 2026. OPAP has been shortlisted for Phase B of the process alongside Brightstar Global Solutions. Securing the concession is seen as vital for both OPAP and its parent company, Allwyn.

At the same time, the group is diversifying through iGaming growth and by consolidating full ownership of Stoiximan.

At the end of June, net debt stood at €147.7m, with a ratio to LTM EBITDA of 0.17x (0.20x including leases). Total assets were €1.92bn and equity €556.8m.

Karas concluded: “Looking ahead, we remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders.”

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