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

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

This growth was attributed to a strong efficiency across both retail and online verticals, with sports wagering standing apart as the second biggest income generator. Betting earnings was available 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 lotteries - the biggest sector in general for OPAP provided the company is the operator of the Greek National Lottery - increasing 3.7% from EUR774.8 m to EUR803.7 m. Revenue from video lottery game terminals (VLTs) likewise rose 6% from EUR344.7 m to EUR365.5 m.

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

"The results of 2025 were mainly driven by the remarkable efficiency of Tzoker, the solid growth 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 proposition continued gaining momentum.

"Moreover, the highlights of Q4 '25 include the robust performance of VLTs and the impressive development of PowerSpin, which taped a 27% increase."

Q4 downturn

The successes of the complete calendar year were not rather totally duplicated in Q4, nevertheless, with the exact same quarter being when OPAP concurred its multi-billion merger with Allwyn.he multinational lottery game group had actually already been a significant investor in the firm for a long time.

Q4 income increased marginally across the board, up 0.6% year-on-year from EUR647.8 m to EUR652m. It appears that online video gaming and VLTs were an essential motorist of this in the final quarter.

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

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

The image concerning profitability also stays combined. Overall, OPAP remained a successful service in 2025, gaining the benefits of its dominant market position in Greece throughout both lotteries and wagering.

Overall gross earnings for 2025 increased 5.1% to EUR1bn (EUR969.7 m) and by 0.4% in the last quarter to EUR278.4 m (EUR277.2 m). The photo modifications when net revenue 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 declines in both net revenue and EBITDA to higher interest, marketing and payroll expenditures.

Allwyn ambitions

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

The business also discovers itself completing in a brand-new era for Greek gaming, with the government having announced just the other day an enthusiastic plan to handle the black market in the country.

As it progresses with 2026 trading, OPAP has begun adopting some of the same goals as its brand-new moms and dad group, Allwyn. The company has actually placed 5 goals at the heart of its branding - trust, community connections, home entertainment and enjoyable, innovation, and returning to society.