Greek lottery game operator OPAP published a 5.6% year-on-year boost in gross video gaming earnings and net revenue in H1, mainly due to considerable development within its online gambling establishment service.
Group profits for the 6 months to 30 June hit EUR1.08 bn (₤ 913.2 m/$1.20 bn), up from the EUR1.03 bn published by OPAP in H1 of in 2015.
While lotto and wagering stayed its primary sources of profits, online gambling establishment was the star of the program. The pattern began throughout the very first quarter and continued throughout H1.
Earnings from online gambling establishment activities increased 24.2% year-on-year to EUR140.3 m. OPAP put this to increased gamer engagement, with the operator stating penetration of video games struck record levels. In overall, online gambling establishment represented 13.0% of all earnings in H1.
What took place in other places at OPAP?
H1 lotto earnings topped EUR373.1 m, a 1.8% boost from 2023 thanks to “strong” efficiency of draw-based video games consisting of Lotto, Tzoker and Eurojackpot.
Its sports wagering department likewise experienced single-digit development with earnings increasing 9.2% to EUR350.1 m. This was powered by a 20.5% boost in online wagering profits to EUR149.6 m, while land-based wagering earnings likewise edged up 2.0% to EUR200.5 m.
Video lottery game terminal profits was available in at EUR166.5 m, up 0.6% from H1 of in 2015. Immediate and passives profits fell 12.8% to EUR52.5 m, partly due to weaker scratchcard and Laiko efficiencies.
OPAP net earnings as much as EUR237.0 m in H1
In regards to costs, gaming-related expenses ticked up 1.3% at EUR289.6 m throughout H1. OPAP saw expenses increase throughout payroll (10.0%), marketing (34.3%) and other costs (7.0%).
Such was the effect of increased costs that operating earnings slipped 0.8% to EUR307.3 m.
The group was able to benefit from $8.2 m in net monetary earnings, with this more than balancing out the income decrease. Pre-tax revenue was 3.5% greater year-on-year at EUR315.3 m.
OPAP paid EUR78.3 m in taxes and marked down EUR5.4 m in earnings attributable to its non-controlling interests. This left a fundamental net earnings of EUR237.0 m, an increase of 3.6% year-on-year.
The group did likewise keep in mind a small drop (0.2%) in EBITDA to EUR373.7 m for the duration.
Q2 follows a comparable pattern
When it comes to Q2, figures released by OPAP reveal a comparable pattern. Group earnings was 7.0% greater at EUR532.8 m, driven by development in the online gambling establishment service.
Online gambling establishment earnings was 19.6% greater than the previous year at EUR69.4 m, while wagering earnings likewise treked 19.7% to EUR181.6 m, assisted by the Euro 2024 competition that started towards completion of the duration.
Lotto earnings dipped 0.3% to EUR177.1 m, while video lotto terminal income likewise fell 1.2% to EUR80.0 m. OPAP likewise saw immediate and passives income decrease 16.6% to EUR24.7 m.
The group did not reveal Q2 operating revenue, however it did report a net earnings of EUR118.2 m, up 11.1%. EBITDA likewise increased by 3.0% to EUR183.4 m for the quarter.