Edison Investment Research - Greek Organisation of Football Prognostics SA (OPAP) OPAP - Improved momentum in Q224

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Edison Investment Research

Kate Heseltine

OPAP - Improved momentum in Q224

OPAP enjoyed improved momentum in Q224 driven by the ongoing innovation of its core products in both retail and online, and the anticipated boost from the UEFA European Football Championship 2024. Interestingly, management highlighted that the new active customers it gained for the event have spent money in other non-sports betting verticals, and a high proportion have been retained, having enjoyed the increased functionality of its games. OPAP also announced the award of the exclusive licence (versus the prior bilateral and relatively informal agreement) to run the retail operations of numerical games and lotteries in Cyprus for 15 years, which represented c 4% of group gross gaming revenue (GGR) in FY23.

06/09/2024 1 EN

Underlying

Greek Organisation of Football Prognostics SA

OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.

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GRS419003009 Greece

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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OPAP - Improved momentum in Q224

OPAP | First thoughts: Q2 EBITDA a bit above (+3% yoy), guidance reiterated; quarter sweetened by €0.60 interim DPS

The Rear-View Mirror – EME markets: another positive month for most EME indices

SynBiotic - Platform primed for growth

Intralot - Improved growth in Q224

ADS-TEC Energy - Progressing to plan

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