OPAP posts 115.9% rise in Q4 2021 GGR
Greek operator breaks €1.5bn barrier for full-year revenue despite net profit dipping in final three months of the year
OPAP posted a 115.9% year-on-year (YoY) increase in gross gaming revenue (GGR) for Q4 2021 as every major vertical for the group grew in stature.
The Greek operator recorded €498.5m (£414.4m) in GGR for the final three months of the year, up from the €230.9m posted in Q4 2020.
Breaking down GGR by vertical, OPAP’s lottery division continues to drive revenue, accounting for 36.9% of total GGR at €183.8m.
The group’s betting segment, driven by its Stoiximan brand, returned €166m in GGR up from €82m in 2020.
Online casino recorded the largest YoY GGR rise, growing 143.6% in Q4 2021 to return €46.9m.
OPAP’s VLT sector posted a GGR rise of 131.3% to €74.1m while its instant wins segment grew 76.8% to €27.6m.
Net gaming revenue jumped from €142.4m in Q4 2020 to reach €346.5m in Q4 2021.
Elsewhere, EBITDA jumped 220.7% from €53.1m in 2020 to €170.4m in 201 with EBITDA margin rising from 23% to 34.2%.
However, OPAP did post a 38.5% downturn in net profit falling from €131.9m in 2020 to €81.2m in 2021 for the quarter.
In terms of full-year GGR, OPAP secured a 36.2% YoY rise to reach €1.54bn up from €1.13bn in 2020.
Jan Karas, OPAP CEO, said: “OPAP reaffirmed the strength of its business model, posting robust results and a solid financial position in 2021, despite persisting pandemic challenges.
“Overall, Q421 was historically one of the best performing quarters, in terms of GGR, and cash reserves were further expanded.
“Online remained a key growth driver for OPAP, even after retail reopening. Our online customer base grew further, supported by upgraded front ends and targeted CRM activities.
“Additionally, our dual strategy continued paying off, with Stoiximan’s full consolidation clearly aiding our performance,” he added.