OPAP Revenue Surge: A Powerful Quarter Ahead – What to Expect

OPAP Revenue Surge: A Powerful Quarter Ahead – What to Expect on the Stock Market

The first quarter of 2025 is shaping up to be a blockbuster for OPAP, according to the latest data from the Hellenic Gaming Commission (EEEP). Based on the statistics for January through March, the company is heading into a very strong quarter, and this momentum is expected to make a noticeable impact on the Athens Stock Exchange.

The Numbers Speak for Themselves
In Q1 2025, OPAP (Retail and VLTs) reported Gross Gaming Revenue (GGR) of €373.3 million, marking a 4% increase compared to the same period in 2024, when GGR stood at €359 million. When factoring in OPAP’s online market share—estimated at 50% to 53%—the total GGR from OPAP-related activities is projected to be around €540–550 million for the first quarter.

OPAP’s Adjusted Total Gaming Revenue (TGR) reached €1.81 billion in Q1 2025, up 1.36% from €1.78 billion in Q1 2024.

State Contributions Also on the Rise
The growth isn’t limited to revenue. OPAP’s contributions to the state are also surging. Public participation rights totaled €55.9 million in Q1 2025, showing a 39% increase over 2024’s €40.3 million.

In addition, the withholding tax on player winnings rose to €34.3 million, up 8.2% from €31.7 million in the previous year.

Dominance Over Competitors
OPAP continues to lead the gaming market. Its share of total GGR for Q1 2025 is 50.3%, compared to 52.6% in 2024. This slight dip is mostly due to the sharp rise of online gaming operators, whose GGR jumped to €271.1 million in 2025 from €234.4 million in 2024—a 15.7% increase.

However, since OPAP controls a significant portion of the online sector through Stoiximan (Kaizen), this revenue still contributes to its overall footprint. Even a 50% share of the online GGR would add roughly €135 million to OPAP’s revenue, pushing the total closer to €508 million. At 53%, that figure rises to €516 million.

A Powerful Quarter in the Making
The data points to a record-breaking quarter for OPAP:

+4% increase in retail GGR

+8.2% increase in withholding tax

+39% increase in public participation rights

Stable adjusted TGR at over €1.8 billion

€135–140 million in added GGR from OPAP’s online share

This performance signals strong operating and financial momentum, which is expected to translate into investor confidence and stock gains. Analysts are already anticipating stronger EBITDA and net profitability, to be confirmed in OPAP’s official financial results.

On the Athens Stock Exchange
OPAP stock is traditionally one of the most resilient and attractive picks on the Greek stock market. With Q1 revenue likely surpassing projections, the stock could experience bullish movement, drawing interest from both institutional and retail investors.

Given OPAP’s consistent dividend policy, solid cash flow, and growing market presence, the stock remains appealing. If the company maintains this pace, 2025 is set to begin on a high note, and this will inevitably be reflected in its valuation.

OPAP isn’t just holding its ground—it’s gaining momentum. The first quarter of 2025 already shows exceptional performance across all key metrics, and this momentum is likely to fuel further growth throughout the year. With higher revenues, increased contributions to the state, and a dominant online presence, OPAP is poised for a very strong showing on the stock exchange. Investors, take note—this could be one of the defining quarters of the year.