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Following a poor year, Greek gaming company OPAP sees revenue rebound

Many casino operators had a difficult year last year. However, the industry as a whole is improving. With a few outliers, like as Macau, 2022 gaming income is up from last year, and Greek operator OPAP has recorded large gains.

The OPAP Arena is being built in a suburb of Athens, Greece. The name is derived from the Greek gaming operator OPAP, which began the year with a big revenue increase.

The corporation had a profit of €570.1 million (US$573.3 million) during January to June 2022. This represents a significant increase of 57.7% over the first half of 2021.

The rise was due to OPAP being fully functioning this year, as well as more demand. However, the corporation acknowledged that it is dealing with generally weaker consumer dynamics.

Online gaming is thriving.

Gross gaming revenue (GGR) was €442.1 million (US$444.75 million) in the second quarter of 2022, an increase of 11.7% year on year. According to OPAP, this demonstrates the good performance of retail activities that have resumed after the COVID-19 shutdowns. It is also the effect of an increase in online engagement.

The first-half net profit in 2022 was €167.3 million (US$168.27 million). Last year, the sum was €78.9 million (US$79.35 million), representing a 111.9% rise.

In the first half of the year, gross gaming profit increased by 64.5% to €370.2 million (US$372.38 million). This was €145 million (US$145.87 million) more than the previous year, owing to a rise in GGR combined with improved profit margins.

The gross profit from gaming climbed 12% in the second quarter compared to the same period last year. OPAP received €181.2 million (US$182.2 million), a significant increase from €161.7 million (US$162.59 million) the previous year.

Operating costs in the first half of 2022 totaled €171.9 million (US$172.84 million), an increase of 13.5% year on year. Operating expenses were €83.3 million (US$83.76 million) in the second quarter, a 4.9% decrease year on year.

The removal of COVID-19 constraints probably contributed to the improved outcomes. However, Jan Karas, the CEO of OPAP, recognised other reasons why the company did better. To enhance the bottom line, he added that it has investigated new areas of growth while taking advantage of greater customer management opportunities.

The OPAP Has Its Own Stadium

OPAP's name will be seen on lights across Greece for many years to come. The Agia Sophia Stadium is a soccer stadium in Nea Filadelfeia, a northwestern suburb of Athens, Greece. However, for the next few years, it will be known as OPAP Arena.

In 2020, OPAP purchased the naming rights to the stadium, which is home to Greece's AEK Athens soccer team. It was part of a bigger effort that included assisting with the development of the team's new stadium. OPAP paid €10 million (US$10.4 million) for the rights and is nearly ready to emblazon its name on the structure.

COVID-19 has caused delays in the last phase of development, which has been ongoing since 2020. At the start of the year, it appeared that the stadium would be ready by September 15, but it is still not. OPAP and AEK are hoping that it will be ready by October 1, when the team will be inaugurating its new home.



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