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OPAP has actually released its final full-year monetary statement as a standalone entity, with the Greek video gaming group now part of the merged Allwyn brand following the conclusion of the duo's merger.

The formerly state-owned sports wagering and lottery games business published its full monetary results for 2025 this early morning, revealing gross (GGR) of EUR2.4 bn (₤ 2bn) throughout the full 12 months of the year - 4.9% more than the EUR2.29 bn the year prior.

This development was attributed to a strong efficiency throughout both retail and online verticals, with sports betting standing apart as the 2nd biggest earnings generator. Betting profits was available in at EUR782.2 m - up 1.4% on EUR771.6 m the year prior.

The exact same could be stated for other verticals, with income from lotteries - the biggest sector overall for OPAP provided the company is the operator of the Greek National Lottery - increasing 3.7% from EUR774.8 m to EUR803.7 m. Revenue from video lottery game terminals (VLTs) also rose 6% from EUR344.7 m to EUR365.5 m.

"FY 2025 was a highly effective year for OPAP, marked by a new GGR record, which caused the shipment of our outlook," stated Jan Karas, OPAP's Chief Executive Officer.

"The results of 2025 were primarily driven by the remarkable performance of Tzoker, the strong growth of KINO, and the continuing expansion of the iGaming vertical.

"In addition, online activities concluded the year with a 32% contribution to OPAP's GGR - the highest in the last four quarters - while our iLottery proposition continued getting momentum.

"Moreover, the highlights of Q4 '25 consist of the robust efficiency of VLTs and the impressive growth of PowerSpin, which tape-recorded a 27% boost."

Q4 slowdown

The successes of the full calendar year were not quite fully replicated in Q4, nevertheless, with the exact same quarter being when OPAP concurred its multi-billion merger with Allwyn.he international lottery group had actually currently been a significant investor in the company for a long time.

Q4 earnings increased partially across the board, up 0.6% year-on-year from EUR647.8 m to EUR652m. It appears that online video gaming and VLTs were an essential driver of this in the final quarter.

Online casino revenue was up 16.2% from EUR85.1 m to EUR98.9 m, a pattern also seen throughout the year with revenue from the sector increasing 0.7% over the 12 months from EUR105.1 m to EUR105.7 m.

In contrast, all other segments saw profits fall throughout the last quarter of the year - lotto profits by 2.6% to EUR196.4 m (Q4 2024: EUR201.7 m), betting income by 4.9% to EUR224.4 m (EUR236m) and immediate and passives income by 4.9% to EUR28.6 m (EUR30m).

The photo relating to profitability likewise remains blended. Overall, OPAP stayed a rewarding company in 2025, enjoying the rewards of its dominant market position in Greece across both lottos and betting.

Overall gross earnings for 2025 rose 5.1% to EUR1bn (EUR969.7 m) and by 0.4% in the last quarter to EUR278.4 m (EUR277.2 m). The photo changes when net profit is factored in - dropping 0.5% to EUR483.4 m (EUR485.8 m) for FY25 and 16.2% to EUR122.2 m (EUR145.8 m) for Q4.

The same is true of EBITDA, with the complete year figure down 0.9% to EUR824.6 m (EUR832m) and 13.5% to EUR212m (EUR245.1 m) in Q4. OPAP has actually attributed the decreases in both net profit and EBITDA to higher interest, marketing and payroll expenses.

Allwyn aspirations

Nonetheless, the firm remains lucrative and following the merger with Alwyn is now part of the world's biggest openly noted lottery game firm and among the biggest openly traded gaming companies in general - together with the likes of Flutter Entertainment and Las Vegas Sands.

The company also discovers itself completing in a brand-new age for Greek gaming, with the federal government having announced simply yesterday an ambitious plan to handle the black market in the country.

As it advances with 2026 trading, OPAP has started embracing a few of the exact same goals as its new parent group, Allwyn. The business has placed 5 objectives at the heart of its branding - trust, neighborhood connections, home entertainment and enjoyable, innovation, and offering back to society.