OPAP, a gaming company based in Greece, has seen its revenues make a strong recovery in the first half of the year due to rising online and retail operations.
Retail betting operations were back to normal in the first half of the year, with gross gaming revenue (GGR) increasing 57.7 percent over the last year to €899.3 million ($894.9 million). This reflected the first half of 2021, which was still impacted by Covid closures.
A leader was the lottery segment, where the reopening of retail sales was accelerated by loyalty programs that helped generate €335.1 million in the first six months. This was a 79.2 percent increase over the same period last year.
The return of retail bettors created a 33.9 percent increase in sports betting. Video lottery terminal revenues nearly quadrupled in the first half, to reach €143.9 million. This reflects store closures for the first five months of 2021.
OPOP CEO Jan Karas commented, “Q2 2022 was beyond any doubt colored by the lifting of the remaining Covid-related restrictions in retail, while at the same time we faced softer consumer spending arising from the increasing macro turbulence.” He added, “OPAP delivered a solid set of Q2 results thanks to our retail operating at full force and the leveraging of growth opportunities across our portfolio.”
Several months ago Allwyn Entertainment increased its share of OPAP to 48.1 percent.
