OPAP, the Greek lottery and gaming operator, reported a gross gaming revenue of €2.4 billion for the year ending 31 December 2025. This shows an increase of 4.9% compared to 2024. Notably, the strongest uptick was seen in the online business segment as players move their activities toward digital channels.
The revenue generated by iGaming recorded a 16.9% year-on-year growth, reaching €350.6 million. This result indicates the significance of online gaming services in the company’s portfolio.
Performance Across Other Vertical Segments
Other segments have also managed to achieve moderate growth. The video lottery terminals (VLTs) business generated a revenue of €365.6 million, which is 6% growth over the previous financial year.
The lottery segment continued to be the largest contributor to the company’s results, with revenues standing at €803.7 million, which translates to a 3.7% increase over the previous year.
The sports betting business achieved revenues of €782.2 million, with growth standing at 1.4% over the previous year. Instant and passive lottery products have posted the lowest growth rate at 0.7%, reaching €105.8 million.
Integration With Allwyn Moves Forward
The results come at a critical period of structural change for the company. OPAP is in the process of merging its business with Allwyn International, a global lottery company.
The deal has been approved by the board of directors in the first half of the year and is expected to be completed in the second half of 2026. As part of the process, OPAP is to be relocated to Luxembourg, from where it will operate under the Allwyn AG structure.
The combined entity is expected to reach a €16 billion valuation.
Profit Margins Narrow as Costs Increase
The record GGR result, however, did not translate into greater profitability for OPAP. In fact, the company reported a slight decline in EBITDA and net profit.
Total operating expenses for FY2025 rose by 15%, mainly owing to an increase in marketing costs and a larger workforce that the company employed to support its digital growth.
The rise in costs was particularly noticeable in the last quarter of the year. This was despite the fact that revenue for the quarter reported an increase compared with the same period in the prior year.
Summary
Taken together, OPAP’s financial results suggest a company whose growth is becoming ever more dependent on digital channels. At the same time, integration with Allwyn is also likely to affect the company’s structure and strategy. The forthcoming reporting periods will reveal whether the enlarged group is able to monetize its digital growth.
