In This Article:
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Online Segment Revenue Contribution: 32% of the group's revenues, setting a new record.
Release Date: March 20, 2025
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) recorded exceptional performance in Q4 2024, driven by the Giga Jackpot in Joker and strong sports betting results.
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The online segment contributed a robust 32% of the group's revenues, setting a new record and highlighting the company's digital strategy focus.
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Sports betting performance was notably boosted by the EURO '24 tournament and favorable payout results.
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The company attracted a significant number of new players to both online and retail sports betting, contributing to overall success.
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GOFPY completed a medium-sized buyback program of EUR150 million, complementing its commitment to paying maximum possible dividends.
Negative Points
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The company anticipates low single-digit growth for 2025 due to tough comparisons from exceptional 2024 performance.
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There is uncertainty about the sustainability of sports betting growth and margins, with potential saturation in customer engagement.
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Cost pressures are present due to salary adjustments needed to retain and attract talent in a competitive market, particularly in technology and digital marketing.
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Marketing and sponsorship costs are increasing significantly due to high demand and competition in the market.
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The company faces challenges in renewing and securing licenses, with ongoing discussions influenced by recent government reshuffling.
Q & A Highlights
Q: What factors contributed to the 2024 top-line performance exceeding guidance by nearly EUR100 million, and how does this affect the 2025 outlook? A: Jan Karas, CEO, explained that the exceptional performance was driven by strong sports betting, particularly due to the EURO '24 tournament, high Joker performance with significant jackpot rollovers, and robust online casino growth. These factors contributed to surpassing the 2024 guidance. For 2025, the company anticipates low single-digit growth due to the high comparison base set by these exceptional events.
Q: Can you elaborate on the 2025 outlook for online and retail channels, and how this impacts margins? A: Jan Karas noted that while online performance was strong in 2024, the company remains cautious about sustainability in sports betting margins. Online is expected to continue growing, potentially at low double-digit rates, but retail may face challenges due to the high base set by 2024 events. This channel mix could lead to lower margins year-on-year.