Karas Takes Both CEO & Chairman Role At OPAP

The Greek gambling group OPAP has announced some leadership changes, with CEO Jan Karas taking on the additional role of chairman. Karas’ appointment replaces the outgoing chairman, Kamil Ziegler, who has stepped down from the role for personal reasons but will remain an executive member of the OPAP board.

Alongside Karas’ appointment, OPAP has also made changes to the composition of its board of directors. The board now comprises 11 members, including executive, non-executive, and independent non-executive members.

One notable change to the board is the appointment of Cherrie Mae Chiomento-Ferreria as the new vice-chair. Chiomento-Ferreria, an independent non-executive member, will work closely with Karas to provide strategic guidance and oversight to the company.

The leadership transition at OPAP coincides with the company’s recent financial performance, which has shown promising signs of growth. In the first half of the year, OPAP reported a 5.6% year-on-year increase in gross gaming revenue, with the online casino segment being a standout performer.

While the online casino segment witnessed the most significant growth, OPAP’s traditional revenue streams of lottery and betting continued to be the primary sources of revenue. Lottery and betting generated €373.1 million and €350.1 million, respectively, during the first half of the year.

The online casino segment, however, stood out with a 24.2% year-on-year increase in revenue, reaching €140.3 million. OPAP attributed this growth to increased player engagement and record-level penetration of its online casino games.

Despite the revenue growth, OPAP’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) slipped slightly by 0.2% to €373.7 million. However, the company’s bottom-line net profit increased by 3.6% year-on-year, reaching €237 million.

Given the impressive performance of the online casino segment, Karas will likely focus on further enhancing OPAP’s digital offerings and capabilities. This could involve investing in technology, improving user experience, and expanding the company’s online casino portfolio to maintain its competitive edge.

While the online casino segment has been a standout performer, Karas will also need to ensure that OPAP’s traditional revenue streams, such as lottery and betting, continue to thrive. This may involve implementing strategic initiatives to optimize these business lines and adapt to evolving customer preferences and market dynamics.