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OPAP's outstanding Q1 result is due to a resurgence in retail sales

The Greek gambling operator OPAP announced a significant rise in revenue and net income year-over-year for the first quarter of its fiscal year 2022.

The operator owned by Allwyn attributed its successful start to the year to the resurgence of its retail business, after operations in the preceding year were affected by Covid-19 limitations.

Gross gaming revenue (GGR) for the three months ending on 31 March 2022 was €457.2 million (£389.2 million/$489.8 million), up 162.5 percent from €174.2 million in the previous fiscal year.

After increasing its interest in Stoiximan Group's Greek and Cypriot operations, OPAP recalculated the comparables for Q1 2021. In August of 2020, it concluded a deal for a 51 percent interest, which it expanded to 84.4 percent in November of last year.

Lottery remained the largest source of income, with this sector producing €170 million, an increase of 364.5 percent year-over-year, after returning to full capacity across all channels.

Betting revenue climbed 85.6% to €152.8m, driven by favourable retail comparables and a robust online contribution. The income from video lottery terminals was €69.4m, after no revenue was reported in Q1 2021 owing to the closure of machines in accordance with Covid-19 procedures.

Instant and passives revenue increased by 198.7% to €23.5m, aided once again by the loosening of Covid-19 regulations, whilst online casino revenue decreased by 12.4% to €41.5m.

Turning to costs, OPAP reported GGR payments and other levies and charges totaling €144.6 million, as well as €89.9 million in agent fee, €33.7 million in other direct expenditures, and €17.0 million in other operational costs. These were only somewhat compensated by other operating income of €82,6 million.

Payroll expenditures climbed by 8.5% to €20.2 million, marketing costs increased 45.2% to €23.3 million, and other operating expenses increased by 54.4% to €45.1 million.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 175.4 percent to €168.8 million. After deducting €135.0 million in depreciation and amortisation costs and €15.5 million in finance costs, this resulted in a pre-tax profit of €119.5 million, up 724.1 percent year-over-year.

OPAP paid €29,6 million in taxes for the quarter, resulting in a net profit of €89,9 million, an increase of 877.2 percent compared to the same period previous year.

“Following a strong FY 2021, OPAP posted a solid set of Q1 2022 results, driven by the solid retail contribution – despite the Covid-19 restrictions being in place – and the continuing online momentum,” OPAP chief exectuive Jan Karas said. “This was a result of multiple business initiatives, which focused on delivering engaging entertainment experiences and led to high customer attraction and retention levels.

“Geopolitical tensions and inflationary pressures affect private consumption, partially offsetting the positive impact of the lifting of various Covid-19 measures. However, our results reaffirm the attractiveness of our retail and online propositions, the power of our diversified product portfolio, the resilience of our business model, and our robust financial position.”

OPAP was therefore confident that it would continue to deliver value to all stakeholders, he added.

“Initiatives like the renovation of Greece’s two largest hospitals, which was successfully concluded and delivered to the state recently, showcase our commitment to giving back to society.”


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