OPAP, the Greek gaming operator, has reported a significant boost in revenue for the first quarter of 2021, driven primarily by the growth of its online casino segment. The company’s total revenue for the quarter reached €400 million, up 15% compared to the same period last year.
OPAP’s online casino segment saw particularly strong growth, with revenue increasing by a staggering 70% year-on-year. The company attributed this growth to the increasing popularity of online gaming during the COVID-19 pandemic, as well as its continued investments in digital technology and marketing.
“The success of our online casino segment is a testament to the strength of our digital strategy and the commitment of our team to provide our customers with the best possible gaming experience,” said OPAP CEO Jan Karas.
In addition to the online casino segment, OPAP also saw growth in its sports betting and lottery divisions. Sports betting revenue increased by 12% year-on-year, driven by a strong performance in key markets such as Greece and Cyprus. Meanwhile, lottery revenue grew by 8%, with the company’s popular KINO game seeing particularly strong growth.
Overall, OPAP’s performance in the first quarter of 2021 exceeded analyst expectations, with the company’s net profit reaching €59 million, up 20% compared to the same period last year. The company’s online casino segment accounted for 25% of total revenue, up from 18% in the previous quarter.
Looking ahead, OPAP remains optimistic about its growth prospects, particularly in the online gaming space. The company plans to continue investing in digital technology and marketing to further strengthen its online casino offering and drive future growth.
“We are confident that our focus on digital innovation and customer experience will continue to drive growth and deliver value for our shareholders,” said Karas.
Overall, the strong performance of OPAP’s online casino segment in the first quarter of 2021 highlights the company’s ability to adapt to changing market conditions and capitalize on the growing popularity of online gaming. With continued investments in digital technology and marketing, OPAP looks set to maintain its strong growth trajectory in the coming quarters.
