Greek Organisation of Football Prognostics SA (GOFPY) Q1 2025 Earnings Call Highlights: Strong ...
Organic Growth: Driven by continued momentum in online and robust retail performance.
Sports Betting and iGaming: Key contributors to Q1 success.
Tzoker Performance: Boosted by favorable jackpot rollovers and a record-breaking jackpot in January.
Release Date: May 29, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Greek Organisation of Football Prognostics SA (GOFPY) reported solid organic growth in Q1 2025, driven by strong performance in online and retail segments.
The company experienced significant growth in sports betting and iGaming, with Tzoker benefiting from favorable jackpot rollovers.
GOFPY is gaining market share in the online segment, particularly in casino and sports betting, with a reported growth of over 20% in Q1.
The lottery segment recorded a promising 5.5% year-over-year increase in gross gaming revenue (GGR), with stable performance in flagship games like KINO.
The company maintains a strong dividend policy, aiming to distribute the bulk of net profits with a minimum of EUR1 dividend per share, indicating confidence in future financial performance.
There is uncertainty regarding the renewal of the Hellenic State license, with the tender process yet to be officially started by the growth fund.
The impact of the Italian Lotto concession on GOFPY's core concession license renewal remains unclear, with no direct influence expected at this stage.
The company faces a tough comparison in the second half of the year, which could impact financial performance.
GOFPY's buyback scheme, although approved, is not planned to be initiated on a large scale in the near future, limiting potential shareholder returns.
The company has not yet started discussions on extending exclusive game licenses beyond 2030, creating uncertainty about long-term strategic planning.
Warning! GuruFocus has detected 3 Warning Sign with DXLG.
Q: Could you comment on OPAP's current competitive positioning in the online segments, particularly in casino and sports betting? How sustainable is the growth achieved in Q1? A: Yes, we are growing our market share in our non-exclusive online portfolio. The growth was strong in Q1, and we have no reason to believe there will be a slowdown. We hope to continue on this positive trend. - Jan Karas, CEO
Q: How has your own sportsbook been performing, and do you have any specific targets for your digital offering in the next two to three years? A: We have seen significant year-over-year growth in our OPAP sports betting and iCasino proposition. We aim to continue strengthening our position in both areas following our strategy. - Jan Karas, CEO
Q: Regarding the recent award of the Lotto concession in Italy, how might this experience inform your preparations for the core concession license renewal? A: The Italian license is managed by our parent company, not OPAP. It's a complex exercise with many influencing factors, and it's speculative to comment on its influence on Greece's licensing process. - Jan Karas, CEO
Q: Do you have any information on the renewal of the Hellenic State license and the potential tender offer? A: The license expires in May 2026. We have expressed interest, and a new law promotes the tender for the license. We are waiting for the growth fund to start the tender and will proceed with our application. - Jan Karas, CEO
Q: Could you provide an update on your dividend policy for 2025? A: Our policy is to distribute the bulk of net profits with a minimum of EUR1 dividend per share. You may expect a dividend at least at a similar level to last year, and we will consider an interim dividend payment. - Pavel Mucha, CFO
Q: Are you seeing an increase in spend per user on lotteries, given the recent growth? A: Tzoker's historical jackpot influenced customer behavior. While we can't provide exact ARPU data, we see positive trends in active players and overall revenues. - Jan Karas, CEO
Q: Can you comment on the performance of refurbished VLT cabinets versus those that haven't been upgraded? A: The refurbishment initiative is paying off, with varying impacts based on vendor and location. It's an ongoing process with positive results, though specific performance metrics vary. - Jan Karas, CEO
Q: Have you received any feedback from the government regarding early negotiations for the legacy concession expiring in 2030? A: Discussions have not started yet, but we are ready to begin when the opportunity arises. We will update you on any developments. - Jan Karas, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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