OPAP, the leading gaming operator in Greece, announced its consolidated financial results for the nine-month period ended September 30, 2023.
9M’23 Gross Gaming Revenues (GGR) landed at €1506.5m vs €1398.1m in 9M’22, higher by 7.8% y-o-y driven by solid growth in retail and strong online performance. Q3’23 GGR stood at €481.0m, lower by 3.6% y-o-y, mainly attributed to Tzoker’s unfavourable jackpot roll-overs, Sports betting higher payout across the industry and adverse one-off natural events (floods, wildfires).
Gross Profit (from gaming operations) in 9M’23 up by 7.2% y-o-y at €616.1m (9M’22: €574.8m), in line with revenue growth. Q3’23 lower by 5.5% compared to respective period last year at €193.5m (Q3’22: €204.6m).
Operating Expenses in 9M’23 at €299.0m vs €251.2m in 9M’22, higher by 19.0% y-o-y in order to support the uplift of operations in both channels. Q3’23 Opex reached €114.6m or €87.9m excluding one-off items, higher by 11.2% l-f-l compared to Q3’22.
EBITDA in 9M’23 decreased by 2.5% y-o-y at €519.9m (9M’22: €533.3m) or +0.9% l-f-l. Q3’23 EBITDA came in at €145.4m (Q3’22: €197.6m), down by 26.4% y-o-y or -12.9% l-f-l., due to headwinds impacting the top line performance, while operating expenses increased.
Net Profit in 9M’23 stood at €307.7m (9M’22: €285.8m) up by 7.7% y-o-y (+6.8% l-f-l). Q3’23 Net Profit stood at €83.3m (Q3’22: €118.5m), decreased by 29.8% y-o-y (-12.5% l-f-l).