OPAP has published its final full-year financial statement as a standalone entity, with the Greek gaming group now part of the unified Allwyn brand following the completion of the duo’s merger.

The formerly state-owned sports betting and lotteries company published its full financial results for 2025 this morning, revealing gross gaming revenue (GGR) of €2.4bn (£2bn) across the full 12 months of the year – 4.9% more than the €2.29bn the year prior.

This growth was attributed to a strong performance across both retail and online verticals, with sports betting standing out as the second largest revenue generator. Betting revenue came in at €782.2m – up 1.4% on €771.6m the year prior.

The same could be said for other verticals, with income from lotteries – the largest segment overall for OPAP given the firm is the operator of the Greek National Lottery – rising 3.7% from €774.8m to €803.7m. Revenue from video lottery terminals (VLTs) also rose 6% from €344.7m to €365.5m.

“FY 2025 was a highly successful year for OPAP, marked by a new GGR record, which led to the delivery of our outlook,” said Jan Karas, OPAP’s Chief Executive Officer.

“The results of 2025 were mainly driven by the exceptional performance of Tzoker, the solid growth of KINO, and the continuing expansion of the iGaming vertical. 

“In addition, online activities concluded the year with a 32% contribution to OPAP’s GGR – the highest in the last four quarters – while our iLottery proposition continued gaining momentum. 

“Moreover, the highlights of Q4’25 include the robust performance of VLTs and the outstanding growth of PowerSpin, which recorded a 27% increase.”

Q4 slowdown

The successes of the full calendar year were not quite fully replicated in Q4, however, with the same quarter being when OPAP agreed its multi-billion merger with Allwyn.he multinational lottery group had already been a major shareholder in the firm for some time.

Q4 revenue rose marginally across the board, up 0.6% year-on-year from €647.8m to €652m. It appears that online gaming and VLTs were a key driver of this in the final quarter. 

Online casino revenue was up 16.2% from €85.1m to €98.9m, a trend also seen throughout the year with revenue from the segment rising 0.7% over the 12 months from €105.1m to €105.7m.

In contrast, all other segments saw revenue fall during the final quarter of the year – lottery revenue by 2.6% to €196.4m (Q4 2024: €201.7m), betting revenue by 4.9% to €224.4m (€236m) and instant and passives revenue by 4.9% to €28.6m (€30m).

The picture regarding profitability also remains mixed. Overall, OPAP remained a profitable business in 2025, reaping the rewards of its dominant market position in Greece across both lotteries and betting.

Overall gross profit for 2025 rose 5.1% to €1bn (€969.7m) and by 0.4% in the final quarter to €278.4m (€277.2m). The picture changes when net profit is factored in – dropping 0.5% to €483.4m (€485.8m) for FY25 and 16.2% to €122.2m (€145.8m) for Q4.

The same is true of EBITDA, with the full year figure down 0.9% to €824.6m (€832m) and 13.5% to €212m (€245.1m) in Q4. OPAP has attributed the declines in both net profit and EBITDA to higher interest, marketing and payroll expenses.

Allwyn ambitions

Nonetheless, the firm remains profitable and following the merger with Alwyn is now part of the world’s largest publicly listed lottery firm and one of the largest publicly traded gaming firms in general – alongside the likes of Flutter Entertainment and Las Vegas Sands.

The company also finds itself competing in a new era for Greek gaming, with the government having announced just yesterday an ambitious plan to take on the black market in the country.

As it progresses with 2026 trading, OPAP has begun adopting some of the same goals as its new parent group, Allwyn. The company has placed five objectives at the heart of its branding – trust, community connections, entertainment and fun, innovation, and giving back to society.

OPAP has explicitly also described itself as being lottery-led, similar to Allwyn which places lotteries at the focus of its business followed by sports betting and other gaming verticals like fantasy sports and now prediction markets, the latter via its takeover of PrizePicks.

Karas concluded: “Looking ahead, we are excited about the business combination of OPAP and Allwyn, which creates one of the leading global lottery and gaming operators, and delivers both strategic and financial benefits to our shareholders.

“The transaction is expected to be concluded within Q2’26. In this framework, Allwyn will distribute €0.80 per share to shareholders post re-domiciliation to Luxembourg, on top of the €0.50 per share interim dividend paid last November.

“Overall, a new era, the era of Allwyn, has started and we are looking forward to a new chapter of growth, powered by market-leading innovations, unique entertainment experience and a strong commitment to giving back to society.”