In a surprising twist of events, Greek gambling giant OPAP has reported a significant increase in revenue for the first quarter of 2021, thanks to the growth of its online casino segment. The company, which has long been known for its sports betting operations, saw a 4.2% increase in overall revenue compared to the same period last year, with online casino revenue driving much of the growth.
The increase in revenue comes at a crucial time for OPAP, as the company has been facing challenges due to the ongoing COVID-19 pandemic. With lockdowns and restrictions putting a damper on in-person gambling activities, many companies in the gambling industry have had to pivot to online channels to maintain revenue streams. OPAP’s focus on expanding its online casino offerings seems to have paid off, with online casino revenue alone increasing by 12.6% in the first quarter.
The growth of OPAP’s online casino segment is particularly impressive considering that the company only launched its online casino platform in 2020. Despite being a relative newcomer to the online casino space, OPAP has quickly gained traction with players, offering a wide range of popular games and competitive bonuses to attract new customers.
In addition to its online casino success, OPAP’s sports betting operations also saw growth in the first quarter, with a 1.8% increase in revenue compared to the same period last year. The company credits this growth to the return of major sporting events, such as the UEFA Euro 2020 tournament, which helped drive increased betting activity.
Overall, OPAP’s strong performance in the first quarter bodes well for the company’s future prospects. With the online casino segment continuing to show strong growth potential, OPAP is well-positioned to capitalize on the growing trend towards online gambling. As more players turn to online platforms for their gambling entertainment, OPAP’s diverse offerings and strong brand reputation are likely to continue driving revenue growth in the coming quarters.