Greek Organisation of Football Prognostics SA
ATHEX:OPAP
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Greek Organisation of Football Prognostics SA
In the heart of Athens, the Greek Organisation of Football Prognostics SA, known as OPAP, has woven itself into the fabric of Greek culture since its founding in 1958. Originally instituted as a state-owned enterprise to generate funds for the public good through games of chance and sports betting, OPAP has transitioned into a private juggernaut following its privatization in 2013. Understanding its historical context is key to appreciating its multifaceted revenue streams. OPAP offers a wide array of gaming products, from traditional lottery tickets to the globally favored sports betting options—a testament to its adaptability and understanding of market dynamics. Through physical points of sale, numbering in the thousands across Greece, and an increasingly robust online platform, OPAP connects with its customer base, continuously enhancing user experience with technological innovations and strategic partnerships.
Underpinning OPAP's financial success is its uniquely integrated business model which encompasses both game design and distribution. By operating as a principal agent, OPAP not only draws revenue from gaming operations—which include sports betting, lotteries, and video lottery terminals—but it also benefits from its network of commissions from franchisees who represent the brand at every local convenience point. The company's profitability is further amplified by its diversified services, which include instant win games and numerical games, each contributing to its robust financial health. In addition to traditional gaming, OPAP has strategically invested in digital channels to reach broader demographics, ensuring adaptability to new technologies and consumer preferences. This seamless blend of tradition and innovation positions OPAP as not merely a gaming operator but a crucial player in the entertainment sector, with an unwavering focus on sustainable growth and corporate responsibility.
In the heart of Athens, the Greek Organisation of Football Prognostics SA, known as OPAP, has woven itself into the fabric of Greek culture since its founding in 1958. Originally instituted as a state-owned enterprise to generate funds for the public good through games of chance and sports betting, OPAP has transitioned into a private juggernaut following its privatization in 2013. Understanding its historical context is key to appreciating its multifaceted revenue streams. OPAP offers a wide array of gaming products, from traditional lottery tickets to the globally favored sports betting options—a testament to its adaptability and understanding of market dynamics. Through physical points of sale, numbering in the thousands across Greece, and an increasingly robust online platform, OPAP connects with its customer base, continuously enhancing user experience with technological innovations and strategic partnerships.
Underpinning OPAP's financial success is its uniquely integrated business model which encompasses both game design and distribution. By operating as a principal agent, OPAP not only draws revenue from gaming operations—which include sports betting, lotteries, and video lottery terminals—but it also benefits from its network of commissions from franchisees who represent the brand at every local convenience point. The company's profitability is further amplified by its diversified services, which include instant win games and numerical games, each contributing to its robust financial health. In addition to traditional gaming, OPAP has strategically invested in digital channels to reach broader demographics, ensuring adaptability to new technologies and consumer preferences. This seamless blend of tradition and innovation positions OPAP as not merely a gaming operator but a crucial player in the entertainment sector, with an unwavering focus on sustainable growth and corporate responsibility.
Strong Q3 Results: OPAP reported a strong set of third quarter 2025 results, reinforcing confidence in meeting its full year outlook.
Guidance Confidence: Management reiterated high confidence in achieving full-year targets and confirmed an EBITDA margin of 35%.
Hellenic Lotteries Tender: OPAP has submitted its binding offer for the Greek state lotteries license and is awaiting the outcome from the growth fund.
Growth Initiatives: The company has a series of commercial actions planned for Q4 to support growth and deliver on its guidance.
Online vs. Retail Trends: Online betting saw some decline in Q3, attributed to customer-favoring results and tough comparisons, while retail betting was slightly positive.
Product Innovation: Improved performance in VLT and Scratch is being driven by portfolio innovation and targeted commercial initiatives.
Sustainable Growth: Management expects mid- to high single-digit sustainable growth in online operations, despite maturation in some verticals.
Allwyn Deal Update Forthcoming: Additional information on the proposed Allwyn business combination will be provided at a Capital Markets Update.
