OPAP S.A., the largest player in Greece’s gambling market, has strengthened its position in the online segment, reporting a 20% growth in iGaming in the Q1 of 2025.
The total gross gaming revenue (GGR) for the quarter reached €595 million ($642.6 million), up 8.2% compared to the same period last year (Q1 2024: €550 million / $594 million). Of this amount, 14.3% was attributed to the online gaming segment, which reached €85 million ($91.8 million), compared to €71 million ($76.7 million) in Q1 2024, representing a 19.8% increase.
Further evidence of OPAP’s gradual transition from an offline model to a digital format is reflected in the “Other Operating Expenses” section. In Q1 2025, the “Rental Expenses” item decreased to €204 thousand ($220 thousand), which is 79.2% lower compared to €982 thousand ($1.06 million) in the same period of 2024.
Since the financial reporting is prepared in accordance with EU IFRS standards, these rental expenses likely refer to short-term or low-value leases — such as kiosks or storage facilities. Such a reduction indicates significant measures taken to optimize the company’s retail infrastructure.
Moreover, IT expenses grew by 19.9% year-over-year, reaching €13 million ($14.04 million) (Q1 2024: €10 million / $10.8 million). Utilities and Telco costs declined by 6.7%, while Inventory Consumption expenses (including paper printing costs) decreased by 14.6%. All of these points lead to a reduced usage of physical premises.
GGR Breakdown
A closer look at the gross gaming revenue (GGR) structure reveals that the largest share was held by the lottery segment at 34.7%, corresponding to €207 million ($223.6 million). This represents a 5.5% increase compared to the same period last year (€196 million/$211.7 / $211.7 million).
In second place were betting activities, which generated €190 million ($205.2 million) (Q1 2024: €168 million / $181.4 million).
Revenue from Video Lottery Terminals (VLT) amounted to €89 million ($96.1 million) compared to €86 million ($92.9 million) in Q1 2024.
The smallest share was from Instant and Passive games, with a total GGR of €25.6 million ($27.6 million) for the period ending in March (Q1 2024: €28 million / $30.2 million).
Favorable operational trends also positively impacted OPAP’s workforce — wages and salaries amounted to €21 million ($22.7 million), which is 9.6% higher compared to €19.5 million ($21.1 million) for the same period last year.
Jan Karas, CEO of OPAP, commented: “Our solid organic growth, driven by continued momentum in online, makes us confident that we will deliver our outlook for 2025.
“Additionally, retail digitalisation is rapidly advancing through the OPAP Store App, offering personalized experiences through our Loyalty schemes.
“Overall, the first quarter performance places us well to achieve our growth and profitability goals, generating value for our shareholders and fulfilling our sustainability and social responsibility priorities.”
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