Net profit in January-September (9M) 2024 stood at 352 million euros against 307.7 million euros in the same period of 2023, up 14.4% year on year, gaming operator OPAP announced on Wednesday.
OPAP's revenues (GGR) in 9M 2024 reached 1,648.3 million euros over 1,506.5 million euros in the nine months of 2023, up 9.4% year on year, as a result of strong retail performance and a robust online contribution which accounted for 31% of total revenues in Q3 2024. In Q3, GGR stood signifcantly higher at 565.8 million euros, up 17.6% on an annual basis, positively impacted by Tzoker's strong performance (Mega jackpot) and the increase of sports betting followed by strong performance in the online casino.
Net profit in Q3 2024 came to 120.5 million euros, up 44.7% year on year, following the EBITDA increase.
Recurring net profit margin increased to 22.3% (vs 20% in Q2 2024).
Q3 EBITDA reached 213.2 million euros (Q3 2024: 145.4 million euros), up 46.6% year on year, benefitting from strong top line performance and the significant decrease in recurring operating expenses.
Commenting on the Q3 2024 results, OPAP CEO Jan Karas said, "Following the solid performance in the first half of 2024, OPAP has delivered a strong set of results in Q3. The quarter’s highlight was Tzoker’s Mega jackpot, which led to enhanced activity in both the retail and the online channel alongside increased footfall in our stores. Positive trends also continued for sportsbetting in both channels, driven by a full sports events calendar. Moreover, the online casino vertical sustained its momentum, playing a key role in the substantial growth of our online business. Furthermore, profitability recorded a strong increase primarily due to the expected normalization of operating expenses, reaffirming our continuous focus on cost efficiency.
"Overall, we remain confident that we are well-positioned to meet OPAP’s financial and business objectives for the full year, as well as to deliver on the upper end of our 2024 outlook."
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