In This Article:
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Online Operations Revenue Contribution: 31% of the group's revenues in Q3 2024.
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Revenue Growth: Double-digit revenue uplift driven by EuroJackpot and Tzoker EXTRA promotions.
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Profitability and Margins: Solid profitability with increased margins, supporting confidence in achieving the upper end of 2024 outlook.
Release Date: November 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Greek Organisation of Football Prognostics SA (GOFPY) reported a remarkable growth in its Tzoker and online casino segments, contributing significantly to the company's stellar performance in Q3 2024.
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The online operations of GOFPY set a new record by contributing 31% to the group's revenues, highlighting the success of their digital strategy.
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The EuroJackpot and Tzoker EXTRA promotions drove a double-digit revenue uplift, showcasing effective marketing strategies.
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GOFPY attracted 600,000 new players through its jackpot offerings, indicating strong customer engagement and interest.
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The company maintained solid profitability and increased margins, expressing confidence in meeting the upper end of its 2024 financial outlook.
Negative Points
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Despite strong results, GOFPY did not formally upgrade its guidance range, suggesting potential caution or unforeseen challenges in Q4.
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There is uncertainty regarding the retention of new players attracted by the jackpots, as many may be occasional customers driven by high jackpots.
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The renewal of the Hellenic Lotteries license poses a challenge, with discussions on fair pricing and sustainability of tax obligations still ongoing.
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The impact of tourist spending on GOFPY's growth remains uncertain, as the company does not see a direct correlation with its performance.
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Potential unfavorable sports results in October could pose a risk, although GOFPY reported normal results up to Q3.
Q & A Highlights
Q: Can you highlight the exceptional revenue from the Mega jackpots and discuss the retention of new players attracted by these jackpots? A: The exceptional performance in Tzoker was due to the second-ever jackpot, which was a significant event in OPAP's history. The casino performance was strong but not exceptional. Regarding new players, 600,000 were attracted, but tracking their retention is challenging due to anonymity. The impact of these players will be clearer in future data. (Jan Karas, CEO)
Q: Despite strong results, why hasn't the guidance been formally upgraded? Are there any concerning trends for Q4? A: We are confident in reaching the upper end of our guidance. There are no concerning trends, but we remain cautious due to potential unforeseen events like weather. (Jan Karas, CEO)