OPAP delivered full-year gross gaming revenue of €2,407.9m in 2025, a 4.9% year-on-year increase and a new record high for the Greek operator. The result was driven by an expanding online segment and resilient retail performance, though a sharp rise in operating costs compressed EBITDA margins and weighed on net profit.
Top-Line Growth Across Most Verticals
iGaming (Online Casino) was the fastest-growing segment, with full-year revenue reaching €350.6m, up 16.9% from €299.9m in 2024. VLTs added €365.6m, up 6.0% year-on-year, supported by an ongoing terminal upgrade programme. Lottery revenues grew 3.7% to €803.7m on the back of strong KINO performance and what CEO Jan Karas described as exceptional Tzoker results. Betting came in at €782.2m, up 1.4%, with full-year growth partially offset by customer-friendly results in Q4.
Instant and Passives were broadly flat at €105.8m, up 0.7% year-on-year.
Online activities ended the year contributing 32% of total GGR in Q4, the highest share across the last four quarters. The iLottery proposition continued to gain traction through the period.
EBITDA and Net Profit Under Pressure
Gross profit from gaming operations grew 5.1% to €1,018.9m, outpacing top-line growth. Below that line, the picture was more constrained. Operating expenses rose 14.7% year-on-year to €488.4m, driven by higher payroll and marketing spend linked to OPAP’s digital expansion strategy.
Payroll expenses increased 14.4% to €119.3m, reflecting a headcount increase to support the digital business. Marketing spend rose 9.8% to €156.5m, with advertising expense up 10.3% for the full year. IT-related costs grew 24.5% to €54.1m.
Full-year EBITDA came in at €824.6m, down 0.9% year-on-year. On a recurring basis, stripping out €12.0m in one-off expenses in 2025 and €4.1m in one-off income in 2024, recurring EBITDA was €836.6m, up 1.1%. The EBITDA margin contracted from 36.2% to 34.2%.
Net profit for FY 2025 was €483.4m, down 0.5% from €485.8m. Recurring net profit, excluding one-off items in both years, reached €496.1m, up 0.9% year-on-year. Q4 net profit fell 16.2% to €122.2m, hit by higher operating expenses and increased interest costs.
Q4 in Detail
Fourth-quarter GGR was €652.0m, up 0.6% year-on-year. VLTs were the standout performer at +9.2% to €103.5m, while iGaming grew 16.2% to €99.0m. Lottery declined 2.6% to €196.4m and betting fell 4.9% to €224.4m, with Q4 betting results reflecting unfavourable sports outcomes. PowerSpin recorded a 27% increase in the quarter.
Q4 EBITDA of €212.0m was down 13.5% on a reported basis and 7.0% on a like-for-like basis, with Q4 advertising costs elevated by rebranding-related expenditure.
Balance Sheet and Shareholder Returns
OPAP maintained a robust financial position, with net debt to LTM EBITDA at 0.20x (0.24x including leases). Cash flow from operating activities grew 1.7% to €716.5m. Total distributions of €1.30 per share were paid to shareholders during 2025.
Following the resolution of an Extraordinary General Meeting in January 2026, 11,459,263 treasury shares were cancelled on 27 February 2026. Outstanding shares stand at 358,603,478.
OPAP was also awarded Top Employer Greece 2026 for a fourth consecutive year by the Top Employers Institute.
Allwyn Combination on Track for Q2 2026
The business combination of OPAP and Allwyn remains on track for completion within Q2 2026. Post transaction, the combined company will distribute €0.80 per share to shareholders, in addition to the €1.30 per share already paid during 2025. The cut-off date for the €0.80 distribution is set prior to 19 June 2026, which is the expiration date for futures contracts on OPAP’s stock and on the FTSE/ATHEX Large Cap index.
“FY 2025 was a highly successful year for OPAP, marked by a new GGR record, which led to the delivery of our outlook. Looking ahead, we are excited about the business combination of OPAP and Allwyn, which creates one of the leading global lottery and gaming operators, and delivers both strategic and financial benefits to our shareholders. Overall, a new era, the era of Allwyn, has started and we are looking forward to a new chapter of growth, powered by market-leading innovations, unique entertainment experience and a strong commitment to giving back to society.” — Jan Karas, CEO, OPAP
The transaction will create one of the largest lottery and gaming operators globally. Allwyn has been active on the M&A front, having acquired a majority stake in US daily fantasy operator PrizePicks for $2.5bn in 2025, a move that signalled its ambitions beyond its European lottery base.
OPAP’s online growth trajectory fits within a broader pattern of accelerating digital penetration in the Greek market. Greece’s iGaming sector reported growth exceeding 50% in H2 2025, with mobile channels accounting for approximately 80% of digital activity. The scale of OPAP’s own iGaming expansion, now at 14.6% of total GGR, reflects that structural shift. A broader look at European market performance places the Greek expansion in context: Europe’s gross gambling revenue reached €123.4bn in 2024, with online segments consistently outpacing land-based channels across the continent.
With the Allwyn combination imminent, FY 2025 marks OPAP’s final full-year results as a standalone listed entity. The Q2 2026 completion timeline will determine when shareholders receive the pending €0.80 distribution and when the combined group begins reporting consolidated figures under the Allwyn name.
Source: OPAP
