Greek operator OPAP has posted record gross gaming revenue (GGR) of €2.4bn ($2.78bn) in 2025, up 4.9% from €2.3bn the previous year.
Digital expansion has played a big role in offsetting margin pressure from rising costs.
Net gaming revenue climbed 5% to €1.6bn, while gross profit from gaming operations increased 5% to just over €1bn, slightly ahead of top-line growth.
On the other side of the coin, operating expenses rose sharply by 15% to €488m, driven by heavier marketing investment and the higher payroll that comes with expansion.
These combined factors meant that full-year EBITDA actually dipped 1% to €825m.
Taking Q4 in isolation, that decrease looks even worse at 13.5%.
The EBITDA margin narrowed to 34% in 2025 from 36% in 2024, emphasising the cost of accelerating online growth.
The online casino vertical was seemingly the company’s standout performer, with revenue rising 17% to €351m.
In fact, online activities represented 32% of total GGR in Q4 – the highest quarterly contribution in the past year – underlining the structural shift in channel mix.
Lottery revenue rose 4% to €804m, supported by strong Tzoker and Kino performance, while betting revenue grew a modest 1% to €782m, reflecting tighter sports margins.
CEO Jan Karas described 2025 as “highly successful”, pointing to the upcoming business combination with Allwyn, announced last year but expected to complete in Q2 2026.
This deal, when finalised, will trigger an additional €0.80 per share distribution on top of the €1.30 already paid.
When lottery operator Allwyn combines with OPAP, it is set to have a valuation of around €16bn, making it the second biggest lottery and gaming company in the world
