Greek Lottery Giant OPAP Achieves Record Revenue in 2025 Driven by Seventeen Percent iGaming Growth and Impending Allwyn Merger

OPAP achieves record revenue in 2025 as iGaming revenue surges 17%. Read about the upcoming Allwyn merger and the company's Q2 2026 outlook.

By: AXL Media

Published: Mar 4, 2026, 8:34 AM EST

Source: The information in this article was sourced from iGB

A Historic Financial Milestone for the Greek Market

OPAP has closed its 2025 financial year on a high note, reporting the highest Gross Gaming Revenue in its corporate history. The Greek operator saw total GGR reach €2.4 billion, a 4.9% increase over the previous twelve-month period. This growth was distributed across all five of its primary business segments, signaling a broad-based recovery and expansion of its player base. CEO Jan Karas characterized the year as "hugely successful," noting that the company’s ability to drive growth in traditional lottery products while simultaneously scaling its digital presence has provided a robust foundation for its next phase of corporate evolution.

iGaming Emerges as a Critical Growth Vertical

The standout performer in OPAP’s portfolio was undoubtedly its iGaming division, which saw revenue jump by 16.9% to reach €350.6 million. This double-digit growth reflects a wider consumer shift toward digital entertainment and the successful implementation of OPAP’s modernized online platform. Additionally, the company's Video Lottery Terminal (VLT) segment contributed significantly to the record totals, with revenue rising 6% to €365.6 million. By diversifying its revenue streams beyond physical lottery sales—which still remain the largest individual segment at over €803 million—OPAP has effectively hedged against regional retail fluctuations.

Strategic Integration With Allwyn International

The 2025 results serve as a prelude to the massive merger between OPAP and the lottery conglomerate Allwyn International. The combined entity is projected to have a market valuation of approximately €16 billion, creating one of the largest and most influential gaming operators in the world. Having already received board-level approvals in February, the combined business is set to redomicile to Luxembourg and operate under the name Allwyn AG. CEO Jan Karas expressed immense optimism regarding the "Era of Allwyn," emphasizing that the merger will deliver significant strategic and financial benefits to shareholders while fostering market-leading innovations.