Double-digit iGaming growth drives revenue to €1.15 billion at OPAP in H1

Summary

Allwyn-owned OPAP reported group gross gaming revenue (GGR) of €1.15 billion for the first half of its 2025 financial year, a 6.5% year‑on‑year rise driven mainly by strong iGaming performance.

iGaming revenue reached €171.3m (up 22.1% YoY), while lottery remained the largest segment at €386.7m (up 3.9%). Sports betting delivered €368.2m (+5.2%) and video lottery terminals (VLTs) rose to €173.7m (+4.3%). The instant and passives segment dipped slightly to €52.2m (-0.5%) but showed signs of recovery in Q2.

On profitability, OPAP reported net gaming revenue of €787.9m (+6.4%), EBITDA of €398.4m (+6.6%) and operating profit of €329.8m (+7.3%). Bottom‑line net profit for H1 was €239.7m, up 6.6% YoY. Q2 GGR was €557.9m (+4.7%), supported again by double‑digit iGaming growth.

Key Points

Group GGR for H1 2025: €1.15 billion, +6.5% year‑on‑year.
iGaming led growth: €171.3m in H1, up 22.1% YoY, driven by higher player engagement and product evolution.
Lottery remained the largest revenue source: €386.7m, +3.9%, helped by Tzoker rollovers and Eurojackpot marketing.
Sports betting: €368.2m, +5.2% for H1 but Q2 faced tougher comps from Euro 2024, with betting down 1.9% in the quarter.
VLTs improved to €173.7m (+4.3%) due to product and terminal upgrades; instant & passives dipped 0.5% to €52.2m but recovered in Q2.
Profitability: net gaming revenue €787.9m (+6.4%), EBITDA €398.4m (+6.6%), operating profit €329.8m (+7.3%).
Net profit to owners in H1: €233.4m (part of total €239.7m net profit), with Q2 net profit to owners €110m (+3.6%).
Management outlook: CEO Jan Karas highlighted ongoing product, UX and loyalty improvements and reiterated confidence in meeting FY2025 objectives.

Context and relevance

OPAP’s results show the operator successfully converting continued consumer demand for online casino product into substantial revenue growth, with iGaming now the primary growth engine across quarters. The figures matter for investors and industry observers tracking the Greek market and consolidation activity (Allwyn ownership), and they reflect wider trends: digital-first growth, the importance of product evolution and loyalty, and resilience in lotteries and retail channels despite shifting player habits.

Author style

Punchy: iGaming is the clear growth story here — double‑digit gains that materially lift group performance. The rest of OPAP’s portfolio remains steady, with lottery still largest by revenue. If you care about operators’ digital transition and what’s powering margins, the numbers merit a closer look.

Why should I read this?

Because if you follow operator performance or the Greek market, this piece saves you time: OPAP’s H1 shows where growth is actually coming from (spoiler — it’s iGaming), how that translates to group profits and what management says next. Short version: digital wins, lottery steadies the ship, and the top‑line improvements are filtering through to profit.

Source

Source: https://igamingbusiness.com/finance/half-year-results/igaming-growth-revenue-opap-h1/