OPAP hails the “robustness” showing with the online casino a “key growth engine”
Online remained a “key growth engine” for the Greek gaming group OPAPwhich praised its performance throughout the last quarter and full year of 2021 despite the persistent challenges presented.
Gross gaming revenue jumped 115.9% in the fourth quarter to €498.5 million (2020: €230.9 million), boosting its annual performance by 36.2%, due to a strong online presence as well as more retail operating days, to close at €1.53 billion (2020: €1.12 billion).
Gross profit through the fourth quarter, which OPAP said was “burdened by the disproportionate contribution of Hellenic Lotteries to the GGR, in order to meet the annual contractual threshold of 50 million euros”, increased by 151 .4% and 47.5% for the fourth quarter and full year, respectively, to €195.3. (2020: €77.7m) and €605.8m (2020: €410.9m).
EBITDA, driven by the full consolidation of Stoiximanamounted to €170.4 million through the fourth quarter (2020: €53.1 million), resulting in an increase of 111.1% for the year to €550.3 million euros (2020: 260.7 million euros).
“OPAP reaffirmed the strength of its business model, posting robust results and a solid financial position in 2021, despite the persistence of pandemic-related challenges,” commented John KarasCEO of OPAP.
“Overall, Q4’21 was one of the best performing quarters historically, in terms of GGR, and cash reserves were further increased.
“Our retail business has shown great resilience, with an accelerating recovery, even though our stores had to suspend operations for several months and adapt to strict health restrictions after reopening.”
Breaking down the performance by division, the online casino, reflecting a strong contribution from Stoiximan, posted significant increases in both periods to end Q4 and the year at €46.9 million (2020: 19.26 million euros) and 184.82 million euros (2020: 23.94 million euros). ), respectively.
The lottery, boosted by OPAP commercial real estate being operational for the full quarter unlike a year earlier, albeit under restrictive measures, soared to €183.84 million (2020: 82 million euros) in the fourth quarter. For the full year, an increase of 5.9% to €549.17 million (2020: €518.6 million) was reported.
VLTs recorded a slight decrease of 2.9% for the year to €194.64 million (2020: €200.52 million) despite a quarterly performance up 131.3% to €74 million. (2020: €32 million), which was also boosted by additional operating days.
Bets increased 102.6% and 68% in the fourth quarter and fiscal year to close at €166m (2020: €81.97m) and €521.37m (2020: €310.36 million), respectively, with passive lotteries and instant scratch games up 76.8%. and 16.4% over the same periods to €27.63m (2020: €15.62m) and €88.83m (2020: €76.34m).
“Our comprehensive business plan and well-accepted loyalty programs have been key to that end,” Karas continued.
“Online remained a key growth driver for OPAP, even after retail reopened. Our online customer base grew further, supported by improved front-ends and targeted CRM activities.
“Furthermore, our dual strategy continued to pay off, with the full consolidation of Stoiximan clearly contributing to our performance. Last but not least, our commitment to social contribution remains stronger than ever.
“Soon we will complete the renovation of the two largest children’s hospitals in Greece – our long-term project which concretely highlights our objective to bring value to all our stakeholders.
“Looking forward, we remain committed to delivering best-in-class entertainment with a focus on our customer-centric approach and digitalization, to pursue the ambitions of our ‘Fast Forward OPAP Strategy’.”