OPAP: At EUR 352 million net profits in the 9 months of 2024

The EUR 352 million is net in the nine-month period of 2024, compared to EUR 307.7 million formed in the corresponding period in 2023, increased by 14.4% on an annual basis or by 5.6% on a recurring annual basis , according to its communication . At the same time, net income before contributions (GGR) of nine months 2024 of the OPAP amounted to 1,648.3 million euros compared to 1,506.5 million euros in the nine months 2023, increased by 9.4% annually, as a result of strong growth in terrestrial activity (retail) and dynamic performance online, which contributed 31% to the Group’s total revenue in the third quarter of 2024. The GGRs of the third quarter 2024 amounted to 565.8 million euros, higher by 17.6% on an annual basis, mainly due to the Mega jackpot in the joker and increased sports betting activity accompanied by strong performance at the online casino. In the third quarter of 2024, net profits amounted to EUR 120.5 million, increased by 44.7% on an annual basis or by 21.5% on a recurring annual basis, following the increase in EBITDA. The margin of repeated net profit increased to 22.3% (against 20% in the second quarter of 2024). EBITDA 3rd quarter of 2024 amounted to EUR 213,2 million (third quarter 2023: EUR 145,4 million) increased by 46.6% on an annual basis, or by 23.8% on a recurring annual basis, due to the strong development of revenue and the restraint of operating costs. Jan Karas: Performances that will be at the upper limit of our forecasts for 2024 In a statement, Jan Karas, CEO of the OPAP, about the results of the third quarter 2024 says: “After the dynamic performance of the first semester of 2024, OPAP managed to achieve strong economic results in the third quarter. The most important development of the quarter was Joker’s Mega jackpot, which led to enhanced activity, both in the retail, and on the online channel, as well as increased traffic in our stores. Positive trends also continued in sports betting on both channels, thanks to the rich sports calendari. In addition, online casino games maintained their dynamics, playing an important role in the substantial development of our online activities. Moreover, a strong increase in profitability was recorded, mainly due to the expected normalisation of operating costs, which confirms our continued focus on the profitability of our costs activities. Overall, we remain confident that we are properly placed to implement the OPAP’s economic and business objectives for the whole year, as well as to achieve performance that will be at the top of our 2024 forecasts.” The OPAP has announced, inter alia, the following: Numbers: Net income before contributions (GGR) from calculators, amounted to EUR 573,1 million in the nine months of 2024, compared to EUR 532,4 million in the nine months of 2023, increased by 7.6% annually as a result of the strong performance of its terrestrial network. The net income before contributions from calculators in the third quarter of 2024 increased sharply and was set at EUR 200 million (third quarter 2023: 166 million) increased by 20.5% annually, mainly due to the Mega jackpot in the Joker, which was the second largest jackpot in the game history. Bet : Net advance income (GGR) of betting games amounted to EUR 517,2 million in the nine months of 2024 compared to EUR 464.6 million in the nine months of 2023, increased by 11,3% annually, as a result of the strong performance of sports betting and Powerspin. The GGR of betting games in the third quarter of 2024 increased by 16.1% on an annual basis and amounted to EUR 167.1 million (EUR 3rd quarter 2023: EUR 144 million), benefiting from a full calendari of sports events, which also included the last 2 weeks of Euro’ 24, as well as a favourable comparison with the third quarter of 2023 which had been negatively affected by the positive results for sports betting players. VLTs The net advance income (GGR) from the VLTs was set at EUR 249.9 million in the nine months of 2024, increased by 0.7% on an annual basis compared to EUR 248.3 million in the nine months of 2023. In the third quarter of 2024, revenues from the VLTs amounted to EUR 83.5 million, higher by 0.7% on an annual basis (third quarter 2023: EUR 82.9 million), negatively affected by inflationary pressures and consumer cautious behaviour. Scratch & Lottery : Net income before contributions (GGR) from Scratch & Lottery amounted to 75m euros in the nine months of 2024 compared to 85.7m euros in the nine months of 2023, reduced by 12.5% annually. In the third quarter of 2024 the GGR of Scrats & Laches amounted to 22.5m euros, reduced by 11.9% compared to the respective period last year, with Scratch and People’s showing weak returns. Online Casino : Net advance income (GGR) from the online casino increased by 32.8% on an annual basis, to EUR 233.1 million in the nine month of 2024 (nine months of 2023: EUR 175,5 million). In the third quarter of 2024 the GGR recorded a strong increase for another quarter and was set at EUR 92.7 million compared to EUR 62.5 million in the third quarter of 2023, increased by 48.3% annually due to the highest player commitment. Source: RES – ICM