Revenue distribution by sectors:

• Lotteries: 45%
• Sports betting: 30%
• Video Lottery Terminals (VLTs): 15%
• Other gambling games: 10%

TOP 3 markets and their percentage shares:

• Greece: 70%
• Cyprus: 15%
• Bulgaria: 10%

The Organization of Football Prognostics S.A. (OPAP) generates the majority of its revenue from lotteries and sports betting, which are the company's main business areas. Greece remains the dominant market for OPAP, as the company has a strong presence and market penetration there. Cyprus and Bulgaria follow as other significant markets contributing to revenue diversification.

Production Sites: Mainly in Greece

Organization of Football Prognostics S.A. (OPAP) is a leading company in the field of gambling and lotteries in Greece. Since OPAP mainly offers services in the area of sports betting, lotteries, and gambling, the company does not produce physical products in the traditional sense. The "production" here refers to the development and provision of gambling offers and platforms that are developed and operated in Greece.

The company operates its services through a network of retail outlets and online platforms, with its headquarters and central operational activities located in Greece.

Revenue Growth: Estimated 5-7% annually (2025-2027)

Dividend Yield: Approximately 7% (2025)

Organization of Football Prognostics S.A. (OPAP) pursues a growth strategy based on several pillars. Firstly, the company focuses on digitizing its services to further expand the online betting market. This includes investments in technological platforms and enhancing the user experience for digital customers.

Secondly, OPAP plans to diversify its product range to reach new customer segments. This involves introducing new games and betting options tailored to changing consumer preferences.

Furthermore, OPAP places great emphasis on strategic partnerships and acquisitions to strengthen its market position and enable geographic expansions. These measures are intended to support organic growth and increase market share in existing and new markets.

Lastly, maintaining an attractive dividend payout remains a central part of the strategy to engage shareholders and reinforce confidence in the long-term growth strategy.

Main supplying countries: Greece, Italy, China

Imported materials: Paper, printing inks, electronic components

Organization of Football Prognostics S.A. (OPAP) is mainly active in the field of lottery and betting games. For the production of betting slips and other physical gaming materials, OPAP imports paper and printing inks, which are often sourced from European countries such as Italy.

In addition, electronic components for gaming terminals and other technical equipment are imported, with China being a significant supplier. These materials are essential for the operation and maintenance of OPAP's technical infrastructure.

Market share in Greece: Over 50% (estimated for 2025)
EBITDA margin: 25% (2024)
Dividend yield: 7% (2024)

OPAP has a significant competitive advantage in the Greek gambling industry, mainly due to its strong market position and extensive distribution network. With an estimated market share of over 50%, the company dominates the Greek market for lotteries and sports betting.

The EBITDA margin of 25% indicates an efficient cost structure and the ability to generate stable profits. This is supported by the continuous demand for gambling products and customer loyalty.

In addition, OPAP offers an attractive dividend yield of 7%, indicating a strong return on capital for investors. These factors, combined with regulatory licenses and an established brand image, secure OPAP a sustainable competitive advantage in its industry.

Institutional Investor Share: approximately 60% (2025, estimated)

Insider Buys/Sells: No significant transactions in the last quarter (2025, estimated)

The institutional investor share at OPAP is around 60%, indicating a strong trust from investment funds and other institutional investors in the company. This can be attributed to OPAP's stable dividend policy and market position in the gambling sector.

There were no significant insider transactions in the last quarter, suggesting that the management and other insiders currently do not expect any significant changes in the company's valuation. This could indicate stable business development and a positive market environment.

Market share of OPAP: Estimated 35% (2025)

Top competitors and their market shares:

1. OPAP: 35%
2. Intralot: 20%
3. Scientific Games: 15%
4. Flutter Entertainment: 10%
5. GVC Holdings: 8%
6. Bet365: 7%
7. Lottomatica: 5%

Moat of OPAP:

OPAP has a significant moat due to its strong market presence in Greece and its exclusive license for lotteries and sports betting in the country. This license provides a regulatory advantage that makes it difficult for new market participants to enter.

In addition, OPAP benefits from an established brand and an extensive distribution network deeply rooted in Greece. This allows the company to maintain and expand a loyal customer base.

Compared to competitors that often operate in multiple international markets, OPAP has the advantage of a focused market strategy and local expertise. While companies like Flutter Entertainment and Bet365 operate globally, thus having diversified sources of revenue, OPAP offers a solid moat in the Greek market through its local dominance and regulatory advantages.

However, international competitors could gain market share in the long term through technological innovations and aggressive expansion strategies, challenging OPAP's moat.

Revenue Growth: 8.5% (2024)
Profit Growth: 10.2% (2024)
Dividend Yield: 6.8% (2024)

The Organization of Football Prognostics S.A. (OPAP) achieved solid revenue growth of 8.5% in 2024, attributed to successful implementation of new games and expansion of its digital platform. The 10.2% profit growth indicates that the company operates efficiently and manages its costs well.

The dividend yield of 6.8% is attractive and suggests that OPAP continues to prioritize strong capital return to shareholders. This could be particularly appealing to investors seeking stable income streams.

In summary, OPAP appears to be a potentially good investment due to its solid financial performance and attractive dividend yield, especially for investors looking for stable returns. The company's market position and strategic initiatives could also support further growth in the future.

Dividend Yield: 7.5% (2025)
Dividend History: Consistent payout over the last 5 years

Organization of Football Prognostics S.A. (OPAP) is known for its reliable dividend policy. In 2025, the company offers a dividend yield of 7.5%, which is considered attractive compared to many other companies in the same sector.

Over the past five years, OPAP has consistently paid dividends, indicating a stable financial foundation and solid business development. This reliability makes OPAP an attractive option for dividend investors looking for regular returns.