Q4 Slowdown Dampens OPAP's 2026 As Firm Enters Allwyn Era

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OPAP has released its final full-year monetary declaration as a standalone entity, with the Greek gaming group now part of the unified Allwyn brand following the completion of the duo's merger.


The previously state-owned sports betting and lotteries company released its complete monetary results for 2025 this early morning, exposing gross video gaming revenue (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 growth was associated to a strong performance throughout both retail and online verticals, with sports betting sticking out as the second biggest revenue generator. Betting income was available in at EUR782.2 m - up 1.4% on EUR771.6 m the year prior.


The same could be stated for other verticals, with income from lottos - the biggest section in general for OPAP given 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 terminals (VLTs) also increased 6% from EUR344.7 m to EUR365.5 m.


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


"The results of 2025 were generally driven by the exceptional performance of Tzoker, the solid 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 4 quarters - while our iLottery proposition continued acquiring momentum.


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


Q4 slowdown


The successes of the complete calendar year were not quite totally duplicated in Q4, nevertheless, with the very same quarter being when OPAP concurred its multi-billion merger with Allwyn.he international lottery game group had actually already been a major investor in the firm for a long time.


Q4 income rose partially throughout the board, up 0.6% year-on-year from EUR647.8 m to EUR652m. It appears that online video gaming and VLTs were a crucial motorist of this in the last quarter.


Online casino profits was up 16.2% from EUR85.1 m to EUR98.9 m, a trend likewise seen throughout the year with revenue from the segment rising 0.7% over the 12 months from EUR105.1 m to EUR105.7 m.


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


The image concerning success likewise remains mixed. Overall, OPAP remained a rewarding organization in 2025, enjoying the rewards of its dominant market position in Greece throughout both lottery games and betting.


Overall gross revenue for 2025 increased 5.1% to EUR1bn (EUR969.7 m) and by 0.4% in the final quarter to EUR278.4 m (EUR277.2 m). The photo modifications 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 very same holds 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 associated the declines in both net revenue and EBITDA to greater interest, marketing and payroll expenses.


Allwyn ambitions


Nonetheless, the firm remains rewarding and following the merger with Alwyn is now part of the world's biggest openly listed lotto and among the biggest openly traded video gaming firms in basic - together with the likes of Flutter Entertainment and Las Vegas Sands.


The business likewise finds itself completing in a new period for Greek gaming, with the federal government having actually revealed simply the other day an enthusiastic plan to handle the black market in the country.


As it advances with 2026 trading, OPAP has actually started adopting some of the very same goals as its brand-new moms and dad group, Allwyn. The company has put five goals at the heart of its branding - trust, neighborhood connections, home entertainment and fun, development, and returning to society.

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