OPAP Hits Record FY25 GGR As iGaming Revenue Climbs Amid Allwyn Transition

OPAP reported record GGR for FY2025, supported by a 16.9% increase in iGaming revenue as it continues the Allwyn integration.  

The Greek lottery operator posted a full-year GGR of €2.4bn for the year ending by December 2025, rising 4.9% from the previous year.

Growth was driven by the company’s iGaming segment, with revenue rising by 17% year-on-year to €350.6m. The revenue from VLTs also increased 6% to €365.6m during the year. 

Lottery was the largest revenue contributor across OPAP’s portfolio, generating €803.7m due to a 3.7% boost. Sports betting revenue increased 1.4% to €782.2m. 

Each of OPAP’s five business segments grew during the period. However, instant and passive games recorded the lowest increase, up by 0.7% to €105.8m.

Integration with Allwyn moves forward during transitional year

OPAP continues its transformation as the deal to merge with Allwyn International progresses. The combined business will be valued at around €16bn. 

Both companies confirmed in February that their boards had approved the proposed deal. As part of the restructuring process, OPAP will redomicile to Luxembourg and adopt the name Allwyn AG.

Chief executive Jan Karas stated that the business’ iGaming division progressed significantly during 2025. He also expressed confidence about the Allwyn merger and expects its conclusion by Q2 of 2026. 

“Looking ahead, we are excited about the business combination of OPAP and Allwyn, which creates one of the leading global lottery and gaming operators, and delivers both strategic and financial benefits to our shareholders,” Karas said.

“Overall, a new era, the era of Allwyn, has started and we are looking forward to a new chapter of growth, powered by market-leading innovations, unique entertainment experience and a strong commitment to giving back to society.”

Operating costs rise sharply across the business

Despite the record GGR, OPAP experienced a decline in both EBITDA and net profit during the year. This was due to total operating expenses rising by 15% year-on-year to €488.4m.

Higher spending during the year reflected greater investment in marketing activity. The company also expanded its workforce to support digital development plans.

EBITDA declined 0.9% compared with 2024, finishing the year at €824.6m. Net profit declined during the same period by 0.5% to €483.4m.

Q4 costs pressure quarterly earnings

Operating expenditure became more visible during Q4, rising 33.4% to €148.6m from the previous year. OPAP ascribed the rise to higher advertising spending and increased payroll costs.

The company explained that staffing levels had grown to support its digital strategy, but affected profitability for the quarter. Q4 EBITDA reached €212m, declining by 13.5% year-on-year.

OPAP’s net profit for the same period also fell by 16.2% to €122.2m. However, Q4 revenue still recorded a slight 0.6% increase from the corresponding quarter in 2024 to reach €652m.