OPAP had a noteworthy 7.7% rise in gross gaming income in 2023 when compared to the year prior. Strong online growth in addition to consistent performance in retail operations were cited as the reasons for the spike.
Although lottery continued to be OPAP’s main source of income, its growth rate was the slowest. On the other hand, with an astounding revenue increase of 26.2%, the online casino market emerged as the top performer.
Challenges and Resilience
Even with the generally encouraging trend, OPAP had difficulties this year. The corporation faced a significant blow when the Hellenic Gaming Commission fined it €24.5 million for engaging in market misbehavior in Greece. CEO Jan Karas, however, continued to have faith in the business’s ability to bounce back and deliver.
CEO Jan Karas expressed great pleasure with the company’s strategic direction and operational accomplishments while looking back on OPAP’s performance in 2023. Karas emphasized the importance of a strong fourth quarter in which sales hit a record high.
The remarkable result was fueled by OPAP’s unwavering commitment on digitization, according to Karas. The online casino industry has been steadily expanding, especially in the fourth quarter, which has demonstrated the efficacy of OPAP’s digital activities.
Karas commented, “OPAP concluded 2023 with the strongest Q4 ever and achieved record revenues. This development clearly reflects the consistent and effective implementation of our business strategy throughout the year, as well as our ability to pursue and achieve ambitious goals.”
As seen by the higher recurring EBITDA in comparison to the most recent projection, the fourth quarter’s strong financial and operational performance exceeded OPAP’s expectations.
In 2023, OPAP achieved unprecedented income levels by leveraging its strategic focus on digitization and operational efficiency, especially in the face of obstacles encountered along the route.
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