OPAP Posts Record €2.4B GGR as iGaming Surges 17% Ahead of Allwyn Merger

Gross gaming revenue reached €2.4 billion, up 4.9% year-on-year, OPAP said in results published on March 2. The growth came mainly from iGaming, which rose 17% to €350.6 million. Lottery increased 3.7% to €803.7 million, while betting moved 1.4% higher to €782.2 million. VLTs were up 6%, keeping retail stable but not driving the overall result.

Operating expenses jumped 14.7% to €488.3 million across the full year. EBITDA slipped to €824.5 million. Net profit was essentially flat at €483.4 million and in Q4 it fell 16.2%. CEO Jan Karas still called it a “highly successful year” and credited Tzoker, KINO, and the iGaming vertical for carrying the top line.

The focus now shifts to the Allwyn merger. Both boards approved the deal in February and it is expected to close in Q2 2026, with shareholders set to receive an additional €0.80 per share.

This deal shifts the balance across Europe’s lottery market. The combined Allwyn-OPAP will run at a larger scale and control key areas like systems, games and marketing. That often leads to fewer suppliers and more standard setups, which makes it harder for smaller vendors. Operators may face more pressure on pricing and product mix. Suppliers should expect fewer tenders, longer contracts and stricter terms after the integration starts.

TGJ Take

Record GGR looks strong on the surface, but costs are rising much faster than revenue and that is starting to show in margins. That gap explains the timing of this deal. OPAP brings steady cash flow and a market where iGaming is still growing at 17%, while Allwyn adds scale and a track record of running central systems across multiple countries. The value will come from cost control and aligning operations after the deal closes. Q2 is the key point, as that is when integration decisions start to affect suppliers, pricing and product strategy.