OPAP posts 20% YoY GGR uptick in Q3 2021

OPAP recorded a 20.3% year-on-year (YoY) uptick in gross gaming revenue (GGR) for Q3 2021 as the full consolidation of the Stoiximan brand bore positive results.

The Greek operator posted a GGR of €470.2m in Q3 2021, up from the €391m recorded in Q3 2020.

Of this GGR, OPAP’s lottery segment continues to represent the lion’s share, with 37.9% of total revenue being derived from the vertical.

However, lottery revenue slipped 0.4% YoY to €178.4m from Q3 2020’s €179.1m.

The group’s betting segment, driven by its Stoiximan brand, grew exponentially YoY and increased its portion of revenue share.

GGR for the betting vertical jumped 39.1% from €101.6m to €141.4m while its revenue share grew from 26% to 30.1%.

OPAP’s online casino branch also posted impressive growth as its GGR return leapt more than 1,000% to reach €42m.

The group’s VLT sector posted a GGR rise of 5.4% to €84.4m while its instant wins segment was the only one to post a downturn in GGR, falling 11.2% to €24.1m.

Elsewhere, the firm also recorded a 66.7% jump in EBITDA from Q3 2020 to Q3 2021, rising from €105m to €175m, with an improved EBITDA margin of 37.2% compared to 26.9%.

Net profit leapt 82% from €52.8m to €96.1m for the reporting period while operating expenses also rose significantly from €57.7m to €93.6m.

OPAP noted the rise in net profit related to the decreased nominal corporate tax rate it found itself subject to, which now stands at 22%.

Additionally, marketing spend grew 50.5% YoY to reach €17.5m for Q3 2021.

Jan Karas, OPAP CEO, said: “OPAP’s Q3 results affirm our ability to sustain a strong financial performance, while implementing key initiatives of our Fast Forward Strategy.

“Retail resilience and continuing online growth, clearly aided by Stoiximan’s contribution, were the key drivers.

“We remain committed to delivering an even more entertaining customer experience across all our channels, so as to promote OPAP’s long-term growth,” he added.