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

OPAP has actually published its last full-year monetary declaration as a standalone entity, with the Greek video gaming group now part of the merged Allwyn brand name following the conclusion of the duo's merger.
The previously state-owned sports betting and lottos business published its complete monetary results for 2025 this morning, revealing gross gaming revenue (GGR) of EUR2.4 bn (₤ 2bn) across 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 betting standing apart as the 2nd biggest earnings generator. Betting earnings came in at EUR782.2 m - up 1.4% on EUR771.6 m the year prior.
The very same could be stated for other verticals, with income from lottos - the section overall for OPAP provided 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 terminals (VLTs) likewise increased 6% from EUR344.7 m to EUR365.5 m.
"FY 2025 was an extremely effective year for OPAP, marked by a brand-new GGR record, which led to the shipment of our outlook," said Jan Karas, OPAP's Chief Executive Officer.
"The results of 2025 were mainly driven by the exceptional 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 4 quarters - while our iLottery proposition continued acquiring momentum.
"Moreover, the highlights of Q4 '25 include the robust efficiency of VLTs and the exceptional development of PowerSpin, which recorded a 27% increase."
Q4 slowdown
The successes of the full fiscal year were not rather completely reproduced in Q4, however, with the same quarter being when OPAP concurred its multi-billion merger with Allwyn.he multinational lottery group had actually currently been a significant investor in the firm for some time.
Q4 earnings increased 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 key motorist of this in the final quarter.
Online casino profits was up 16.2% from EUR85.1 m to EUR98.9 m, a pattern likewise seen throughout the year with earnings from the segment increasing 0.7% over the 12 months from EUR105.1 m to EUR105.7 m.
On the other hand, all other segments saw earnings fall during the final quarter of the year - lottery profits by 2.6% to EUR196.4 m (Q4 2024: EUR201.7 m), wagering income by 4.9% to EUR224.4 m (EUR236m) and immediate and passives income by 4.9% to EUR28.6 m (EUR30m).
The picture regarding profitability likewise remains blended. Overall, OPAP stayed a lucrative organization in 2025, gaining the rewards of its dominant market position in Greece across both lotteries 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 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 full year figure down 0.9% to EUR824.6 m (EUR832m) and 13.5% to EUR212m (EUR245.1 m) in Q4. OPAP has attributed the decreases in both net profit and EBITDA to higher interest, marketing and payroll expenditures.
Allwyn aspirations
Nonetheless, the company stays rewarding and following the merger with Alwyn is now part of the world's biggest openly noted lottery game company and one of the largest openly traded gaming companies in general - along with the similarity Flutter Entertainment and Las Vegas Sands.
The company likewise discovers itself completing in a brand-new age for Greek video gaming, with the government having revealed just the other day an enthusiastic plan to handle the black market in the country.
As it progresses with 2026 trading, OPAP has actually begun adopting a few of the exact same goals as its brand-new parent group, Allwyn. The business has positioned 5 goals at the heart of its branding - trust, neighborhood connections, home entertainment and fun, development, and returning to society.