On 26 November 2025, Growthfund announced that OPAP Investment Limited had been selected as the preferred investor in the tender for a 12-year exclusive concession to produce, manage, operate, promote, and exploit Greece’s state lotteries. The company was awarded preferred investor status after submitting an improved bid, which the Growthfund Board approved.
Under the agreement, OPAP will pay a one-off advance payment of €80 million and will transfer 30% of gross gaming revenue (GGR) annually. In addition, a minimum annual fee of €20 million has been set. Thus, the operator will continue to make a significant contribution to the financing of social initiatives.
Protecting Greece’s interests
Growthfund Deputy CEO Panagiotis Stumpoulidis said the fund completed the tender transparently and efficiently, ensuring a satisfactory payment and protecting the country’s interests. He asserts that the selection of a preferred investor with substantial experience in the gambling market ensures the continuity of the state lottery institution. At present, the concession encompasses four active lotteries and two inactive ones.
OPAP CEO Jan Karas is pleased with the outcome of the tender: ‘This gives impetus to even more active work on updating games in line with customer needs and innovations. We are dynamically entering a new era of lotteries.’
OPAP’s main competitor in this tender was Brightstar, the lottery division of IGT, which became independent this year. OPAP, in turn, was recently acquired by Allwyn through a share swap. On 13 October, the companies announced a merger to create the world’s leading lottery operator with a market value of €16 billion.
OPAP’s Q3 GGR exceeded €600 million
In the third quarter of 2025, OPAP reported gross gaming revenue (GGR) of €602.9 million, up 6.6% compared to the same period last year. Net gaming revenue (NGR) for the quarter amounted to €409.9 million (+6%), and for the first nine months of 2025 €1.2 billion (+6.3%).
The company attributes the growth in quarterly figures to strong performance in numerical lotteries: lottery GGR in Q3 reached €219.65 million (+9.8%), offsetting a decline in betting revenue to €180.11 million (-0.7%). Revenues from video lottery terminals (VLTs) amounted to €88.45 million (+6%), Instant and Passives – €24.94 million (+10.8%). Online casinos brought the company €89.79 million (+14.4%).
Gross profit from gaming operations in the third quarter grew by 4.8% to €253.4 million. EBITDA reached €214.2 million, increasing by only 0.5% due to higher operating expenses. Net profit in Q3 amounted to €127.9 million, up 6% compared to last year.
Giga jackpots boost revenues
As Karas noted, OPAP delivered solid results in the third quarter, surpassing last year’s strong performance. According to him, the results were influenced by a large jackpot in Tzoker: August’s ‘giga jackpot’ was the largest in the game’s history, leading to increased footfall at retail outlets, traffic on online platforms, and customer activity in both channels.
Karas added that profitability increased amid stable margins and a strong cash position, which contributes to the achievement of the 2025 forecasts and the implementation of the company’s strategic goals. He also announced that in 2026, OPAP will begin operating under the new Allwyn brand, which will open up new growth opportunities.
OPAP’s key figures for the first nine months of 2025
| Segment | GGR (€, million) | Growth 2024/2025 (%) |
| Lotteries | 607.3 | 6 |
Sports Betting | 557.78 | 4 |
VLT | 262.1 | 4.9 |
| Instant & Passives | 77.13 | 2.9 |
| Online Casino | 251.59 | 17.2 |
| NGR | 1,197.8 | 6.3 |
| GGR | 361.3 | 6.3 |
| EBITDA | 612.6 | 4.4 |
Source: SiGMA News.
This article was first published in Russian on 1 December 2025.
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