OPAP profits jump 128.3% in 2022

OPAP, the leading gaming operator in Greece, said net profits jumped 128.3% to 592.3 million euros in 2022 from €259.4 million in 2021, with fourth-quarter net profit at €306.5 million (boosted by a €181.3 million profit from the sale of Betano), an increase of 277.6% from the same period in 2021.

OPAP's revenues (GGR) in FY 2022 increased 26% y-o-y, approaching €1.94 billion on the back of favorable y-o-y comps on retail and online demonstrating persisting growth.

Fourth-quarter GGR landed at the highest ever reading of €540.9 million, up 8.5% y-o-y, reflecting increased playability in both online and retail, also driven by the World Cup and notwithstanding players' friendly match results.

EBITDA in 2022 stood at €736 million versus €550.3 million in 2021, or 33.7% higher.