OPAP has published its last full-year financial declaration as a standalone entity, with the Greek gaming group now part of the merged Allwyn brand following the completion of the duo's merger.

The previously state-owned sports wagering and lottery games company released its full financial outcomes for 2025 this early morning, revealing gross video gaming profits (GGR) of EUR2.4 bn (₤ 2bn) throughout the complete 12 months of the year - 4.9% more than the EUR2.29 bn the year prior.

This growth was credited to a strong efficiency throughout both retail and online verticals, with sports wagering standing apart as the second biggest revenue generator. Betting revenue can be found in at EUR782.2 m - up 1.4% on EUR771.6 m the year prior.

The same might be said for other verticals, with income from lottery games - the largest section overall for OPAP given the firm 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) likewise increased 6% from EUR344.7 m to EUR365.5 m.

"FY 2025 was a highly successful year for OPAP, marked by a brand-new GGR record, which resulted in the delivery of our outlook," stated Jan Karas, OPAP's President.

"The outcomes of 2025 were primarily driven by the extraordinary performance of Tzoker, the strong development of KINO, and the continuing growth of the iGaming vertical.

"In addition, online activities concluded the year with a 32% contribution to OPAP's GGR - the highest in the last 4 quarters - while our iLottery proposal continued gaining momentum.

"Moreover, the highlights of Q4 '25 consist of the robust efficiency of VLTs and the outstanding development of PowerSpin, which recorded a 27% increase."

Q4 slowdown

The successes of the complete calendar year were not quite totally reproduced in Q4, nevertheless, with the same quarter being when OPAP concurred its multi-billion merger with Allwyn.he international lotto group had currently been a major shareholder in the firm for a long time.

Q4 profits increased partially throughout the board, up 0.6% year-on-year from EUR647.8 m to EUR652m. It appears that online gaming and VLTs were a key chauffeur of this in the final quarter.

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

In contrast, all other sectors saw profits fall throughout the final quarter of the year - lottery game earnings by 2.6% to EUR196.4 m (Q4 2024: EUR201.7 m), betting revenue by 4.9% to EUR224.4 m (EUR236m) and instant and passives revenue by 4.9% to EUR28.6 m (EUR30m).

The image regarding profitability also remains mixed. Overall, OPAP remained a rewarding organization in 2025, enjoying the benefits of its dominant market position in Greece throughout both lotteries and wagering.

Overall gross revenue for 2025 increased 5.1% to EUR1bn (EUR969.7 m) and by 0.4% in the last quarter to EUR278.4 m (EUR277.2 m). The image 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 exact same is true of EBITDA, with the full 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 costs.

Allwyn aspirations

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

The company also finds itself competing in a new period for Greek gaming, with the government having actually revealed just yesterday an enthusiastic plan to handle the black market in the nation.

As it advances with 2026 trading, OPAP has begun adopting some of the same objectives as its brand-new moms and dad group, Allwyn. The business has put 5 goals at the heart of its branding - trust, neighborhood connections, entertainment and fun, development, and offering back to society.