OPAP delivered an impressive report card for the fiscal year 2025, with an annual GGR of 2.4 billion euros, up 4.9% year-on-year, setting a new historical high. The growth was mainly driven by the iGaming business, which saw a revenue surge of 17% to 350.6 million euros. Meanwhile, the merger process with Allwyn is also progressing steadily, expected to be completed in the second quarter of this year. Simply put, during the integration period, the core business not only did not drop the ball, but ran even faster.
All five business lines are in the green, with iGaming and VLT as the dual engines of growth
Looking at the segmented business, all five sectors achieved growth. Lotteries remain the main source of revenue, contributing 803.7 million euros (+3.7%); betting revenue 782.2 million euros (+1.4%); iGaming revenue 350.6 million euros (+17%); VLT revenue 365.6 million euros (+6%); instant and passive game revenue 105.8 million euros (+0.7%). The double-digit growth of iGaming and VLT has become the core engine driving performance.
Merging forward: Q2 to welcome a new era
OPAP is advancing a merger deal worth 16 billion euros with Allwyn, already approved by the boards of both parties, with OPAP relocating to Luxembourg and renaming as Allwyn AG. CEO Jan Karas described 2025 as "an extremely successful year" and is confident about the prospects of the merger. He stated that a new era led by Allwyn has begun, and the future will rely on market-leading innovation and unique entertainment experiences to open a new chapter of growth.
Cost increases drag on profits, Q4 EBITDA down 13.5%
Despite the annual GWR reaching a new high, operating expenses increased 15% to 488.4 million euros, leading to a slight decrease in EBITDA by 0.9% to 824.6 million euros, and net profit slightly down by 0.5% to 483.4 million euros. Cost pressures were particularly evident in the fourth quarter, with operating expenses reaching 148.6 million euros, a sharp increase of 33.4% year-on-year, mainly due to increased advertising expenses and the growth in the number of employees supporting the digital strategy. This resulted in a Q4 EBITDA decrease of 13.5% year-on-year to 212 million euros, and net profit down 16.2% to 122.2 million euros.
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This article is from "PASA-Global iGaming Leader" gambling industry news channel: https://t.me/pasa_news
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