Key Moments:
- OPAP reported a net profit of €233.4 million in H1 2025, reflecting a 6.3% year-on-year increase
- Gross gaming revenue reached €1.15 billion, up 6.5% compared to the previous year
- The company’s board approved an interim dividend of €0.50 per share, bringing the total payout for 2025 so far to €1.30 per share
Strong Financial Performance Supports License Bid
OPAP, the top gaming operator in Greece, delivered strong financial results for the first half of 2025. The company’s net profit climbed to €233.4 million, marking a 6.3% improvement from the corresponding period last year. Gross gaming revenue also rose by 6.5% on an annual basis to €1.15 billion. The growth was underpinned by healthy online activity, which increased 9.2% year-on-year, and steady contribution from retail operations, which advanced by 2.8% year-on-year. OPAP highlighted that its performance showcased a balance between digital momentum and traditional retail play.
Dividend Distribution and Executive Insights
The board has authorized an interim dividend of €0.50 per share, to be distributed in November, pushing the total payout for 2025 up to €1.30 per share. Chief executive Jan Karas described the latest quarter as “another strong” one for OPAP. “Q2 2025 was another strong quarter for OPAP, with solid financial results delivering 4.7% y-o-y top-line growth, despite tough sportsbetting comparables due to the Euro 2024 tournament,” he said. Karas attributed the achievements to the “successful execution of our business strategy” and underlined the “ability to generate sustainable value.”
State Lottery License Battle Intensifies
In June, the Greek sovereign wealth fund, Growthfund, initiated an international tender for the state lottery license. By late July, just two contenders had been selected to continue: OPAP Investment Ltd, fully owned by OPAP, and Brightstar Global Solutions Corporation, associated with lottery company IGT. Both companies passed the first evaluation and are expected to submit binding offers in the next phase.
The lottery concession under tender includes the National Lottery, the Housing Lottery, the Popular Lottery, the Special Social Lottery, and instant scratch cards. This license, currently held by Hellenic Lotteries, is set to expire in May 2026. OPAP’s ongoing participation was confirmed in its financial report: “OPAP participated in Phase A of the tender and submitted an expression of interest through OPAP INVESTMENT LTD, its wholly-owned subsidiary. … OPAP INVESTMENT LTD was selected to participate in Phase B of the international tender as a Preselected Interested Party”.
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Net Profit (€ million) | 233.4 | – | +6.3% |
| Gross Gaming Revenue (€ million) | 1,153.0 | 1,082.5 | +6.5% |
| Online Performance | – | – | +9.2% y-o-y |
| Retail Contribution | – | – | +2.8% y-o-y |
| Total Dividend for 2025 (€ per share) | 1.30 | – | – |
Growth Moves and Acquisitions
OPAP’s half-year update also included details of its expansion plans. In July, the company reached an agreement to purchase the remaining 15.51% stake in Stoiximan, an online betting platform, for €191.6 million. Upon completion, OPAP will possess 100% ownership of Stoiximan, strengthening its online sports betting and iGaming footprint in Greece and Cyprus.
Leadership Perspective and Strategic Focus
Karas expressed confidence regarding the rest of the year: “Looking ahead, we are confident that OPAP is well positioned to meet its financial and business objectives for FY2025. We remain focused on the implementation of our strategic priorities, while continuing to uphold our ESG commitments and create value for all our stakeholders”.
OPAP now faces competition from Brightstar in the pursuit of the state lotteries concession, aiming to show Growthfund its capability to operate in a way that prioritizes both public benefit and responsible play.
- Author
Daniel Williams
