OPAP has actually published its last full-year monetary declaration as a standalone entity, with the Greek video gaming group now part of the combined Allwyn brand name following the conclusion of the duo's merger.

The formerly state-owned sports betting and lotteries company released its complete monetary results for 2025 this morning, revealing gross video gaming income (GGR) of EUR2.4 bn (₤ 2bn) throughout the full 12 months of the year - 4.9% more than the EUR2.29 bn the year prior.

This development was credited to a strong performance across both retail and online verticals, with sports betting sticking out as the second biggest income generator. Betting income came in at EUR782.2 m - up 1.4% on EUR771.6 m the year prior.

The exact same might be stated for other verticals, with income from lottos - the biggest sector in general for OPAP given the company is the operator of the Greek National Lottery - rising 3.7% from EUR774.8 m to EUR803.7 m. Revenue from video lottery game terminals (VLTs) also increased 6% from EUR344.7 m to EUR365.5 m.

"FY 2025 was an extremely effective year for OPAP, marked by a brand-new GGR record, which resulted in the shipment of our outlook," stated Jan Karas, OPAP's President.

"The outcomes of 2025 were primarily driven by the extraordinary performance of Tzoker, the solid development of KINO, and the continuing growth of the iGaming vertical.

"In addition, online activities concluded the year with a 32% contribution to OPAP's GGR - the highest in the last 4 quarters - while our iLottery proposal continued gaining momentum.

"Moreover, the highlights of Q4 '25 consist of the robust performance of VLTs and the outstanding growth of PowerSpin, which taped a 27% increase."

Q4 downturn

The successes of the complete calendar year were not rather fully duplicated in Q4, however, with the exact same quarter being when OPAP concurred its multi-billion merger with Allwyn.he international lottery game group had actually already been a major shareholder in the firm for some time.

Q4 earnings increased marginally across the board, up 0.6% year-on-year from EUR647.8 m to EUR652m. It appears that online gaming and VLTs were a key chauffeur of this in the final quarter.

Online gambling establishment was up 16.2% from EUR85.1 m to EUR98.9 m, a pattern also seen throughout the year with earnings from the section rising 0.7% over the 12 months from EUR105.1 m to EUR105.7 m.

In contrast, all other sectors saw income fall during the final quarter of the year - lottery revenue by 2.6% to EUR196.4 m (Q4 2024: EUR201.7 m), wagering revenue by 4.9% to EUR224.4 m (EUR236m) and immediate and passives revenue by 4.9% to EUR28.6 m (EUR30m).

The image relating to profitability also remains mixed. Overall, OPAP remained a successful service in 2025, gaining the rewards of its dominant market position in Greece throughout both lottos and betting.

Overall gross earnings for 2025 increased 5.1% to EUR1bn (EUR969.7 m) and by 0.4% in the final quarter to EUR278.4 m (EUR277.2 m). The image changes when net earnings is factored in - dropping 0.5% to EUR483.4 m (EUR485.8 m) for FY25 and 16.2% to EUR122.2 m (EUR145.8 m) for Q4.

The exact same holds true of EBITDA, with the full year figure down 0.9% to EUR824.6 m (EUR832m) and 13.5% to EUR212m (EUR245.1 m) in Q4. OPAP has attributed the decreases in both net profit and EBITDA to greater interest, marketing and payroll costs.

Allwyn aspirations

Nonetheless, the firm remains lucrative and following the merger with Alwyn is now part of the world's biggest publicly listed lottery firm and among the largest publicly traded gaming firms in basic - along with the similarity Flutter Entertainment and Las Vegas Sands.

The business also discovers itself completing in a new era for Greek video gaming, with the federal government having actually revealed simply yesterday an ambitious strategy to handle the black market in the nation.

As it advances with 2026 trading, OPAP has started embracing a few of the very same goals as its brand-new parent group, Allwyn. The business has put five goals at the heart of its branding - trust, community connections, entertainment and fun, innovation, and giving back to society.