OPAP, the leading gaming operator in Greece, announced its consolidated financial results for the nine-month period ended September 30, 2023.
9M’23 Gross Gaming Revenues (GGR) landed at €1506.5m vs €1398.1m in 9M’22, higher by 7.8% y-o-y driven by solid growth in retail and strong online performance. Q3’23 GGR stood at €481.0m, lower by 3.6% y-o-y, mainly attributed to Tzoker’s unfavourable jackpot roll-overs, Sports betting higher payout across the industry and adverse one-off natural events (floods, wildfires).
Gross Profit (from gaming operations) in 9M’23 up by 7.2% y-o-y at €616.1m (9M’22: €574.8m), in line with revenue growth. Q3’23 lower by 5.5% compared to respective period last year at €193.5m (Q3’22: €204.6m).
Operating Expenses in 9M’23 at €299.0m vs €251.2m in 9M’22, higher by 19.0% y-o-y in order to support the uplift of operations in both channels. Q3’23 Opex reached €114.6m or €87.9m excluding one-off items, higher by 11.2% l-f-l compared to Q3’22.
EBITDA in 9M’23 decreased by 2.5% y-o-y at €519.9m (9M’22: €533.3m) or +0.9% l-f-l. Q3’23 EBITDA came in at €145.4m (Q3’22: €197.6m), down by 26.4% y-o-y or -12.9% l-f-l., due to headwinds impacting the top line performance, while operating expenses increased.
Net Profit in 9M’23 stood at €307.7m (9M’22: €285.8m) up by 7.7% y-o-y (+6.8% l-f-l). Q3’23 Net Profit stood at €83.3m (Q3’22: €118.5m), decreased by 29.8% y-o-y (-12.5% l-f-l).
PRAGMATIC PLAY ADDS TO BET365 COLLABORATION WITH GREEK EXPANSION
Pragmatic Play, a leading content supplier to the iGaming industry, has expanded its partnership with bet365 in Greece by supplying its multi-product offering to the operator.
The deal sees bet365’s players in Greece gain access to Pragmatic Play’s award-winning Slots portfolio, which includes epic titles such as Gates of Olympus, Big Bass Bonanza, The Dog House Megaways™, and many others.
In addition, the provider’s leading range of Live Casino games, from classics such as Roulette, Baccarat and Blackjack to engaging game shows such as Sweet Bonanza CandyLand and Boom City, is set to go live with the operator.
bet365’s players in Greece will also be able to participate in Pragmatic Play’s industry-leading Drops & Wins promotion, which offers a staggering combined prize pool of €2,500,000 every month to players across participating Slots and Live Casino products.
Greece becomes one of the latest regulated markets over the last year to see an expansion between Pragmatic Play and bet365, following similar product rollouts in the UK, Sweden, Spain, and Ontario.
Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Our partnership with bet365 continues to go from strength to strength. Greece is an exciting market with significant potential for Pragmatic Play Slots and Live Casino products to engage and entertain bet365 players in the country.”
A bet365 spokesperson said: “Pragmatic Play’s Slots and Live Casino products have cemented themselves as fan-favourites in every market we’ve launched them in so far, so logically the next step is to further expand the portfolio into another jurisdiction, Greece. It is a region that we are confident Pragmatic Play titles can have significant cut through with our brand, and we look forward to our latest collaboration.”
Nolimit City Marks Entry into Greek Market with Kaizen Gaming Partnership
Nolimit City, a trailblazing slot provider with an ever-expanding presence worldwide, has extended its strategic partnership with Kaizen Gaming, one of the biggest GameTech companies in the world. Facilitated through Evolution’s single touchpoint integration One Stop Shop platform, this collaboration marks the official launch of Nolimit City’s captivating game offerings in Greece.
Kaizen Gaming, an award-winning GameTech company with an established presence across markets in Europe and Latin America and recent launches in Nigeria and Ontario, is growing rapidly and expanding at a relentless pace.
This partnership aligns with Nolimit City’s commitment to reaching new markets and delivering an optimal gaming experience for players. After their recent expansion into Hungary, Greece has been a key focus for the company, and the collaboration with Kaizen Gaming is set to strengthen its presence in this dynamic region.
This collaboration is set to deliver a high-standard experience for its users while creating exposure for both names. Kaizen Gaming has gone live with some of Nolimit City’s most sought-after slots, including Mental, Fire in the Hole xBomb and Das xBoot amongst a slew of more fantastic titles.
Malcolm Mizzi, Commercial Director at Nolimit City, said: “This collaboration marks a significant step forward for Nolimit City in Greece. We are dedicated to expanding our presence in key European markets, and Greece is a crucial part of our strategy. Kaizen Gaming’s reputation for innovation in the industry aligns perfectly with our goals, and we are proud to join forces with them.”
Vangelis Dedoulis, Director of Product, Gaming & Rewards at Kaizen Gaming, said: “We are very happy to be the first company in Greece to host the high quality content Nolimit City delivers, on our casino platforms. Our partnership with Nolimit City demonstrates our commitment to continuously offer innovative products and top notch entertainment to our customers.”
EGT Digital’s slot games make their Greek debut with Stoiximan
Soon after EGT Digital received a licence to operate in the Greek market, the Bulgarian provider’s games became available to local players. The first gaming platform in the country that offers them is Stoiximan, which is operated by Kaizen Gaming, one of the biggest GameTech companies in the world. Now its visitors have the opportunity to try their luck with the bestselling jackpots Bell Link, Single Progressive Jackpot, High Cash and Clover Chance.
“I believe that our partnership with EGT Digital will continue to be very fruitful,” commented Vangelis Dedoulis, Director of Product, Gaming & Rewards at Kaizen Gaming. “The Bulgarian provider’s slots are widely popular among our customers in Romania and Bulgaria, so the next logical step was to offer them to another market. I am confident that they will prove to be a big hit with Greek gaming enthusiasts too.”
Tsvetomira Drumeva, Head of Sales at EGT Digital, also shared her excitement about the collaboration: “It is a pleasure for us that the first gaming platform to present our gaming content to local players is the leading brand Stoiximan. Over the next 4 months, our games will be available exclusively there, which will guarantee us a very strong market position and pave the way for more successes in the future.”
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