Key Moments:
- Playtech posted adjusted EBITDA of €91.6 million for H1 2025, which met its previously revised expectations, but represented a 16 percent year-on-year decline.
- North American revenues soared 64 percent year-on-year, reaching €21.8 million amid new state launches and Live Casino expansion.
- Playtech returned approximately €1.8 billion to shareholders through a special dividend, following the sale of Snaitech for €2.3 billion.
Financial Results and Strategic Adjustments
Playtech plc, a leading gambling software developer, reported its results for the six months ended 30 June 2025, reflecting progress in its transition to a pure B2B technology enterprise. The company achieved adjusted EBITDA of €91.6 million for the period, aligning with upgraded August guidance but reflecting a 16 percent decrease from the previous year.
Revenue for the half-year dropped 10 percent to €387 million. Even so, underlying B2B revenue advanced by 3 percent compared to the same period last year, propelled by robust growth in North America and several European markets.
Following the completed sale of Italian operator Snaitech to Flutter Entertainment for €2.3 billion in April, Playtech distributed roughly €1.8 billion to shareholders via a special dividend and used part of the proceeds to redeem €150 million in bonds due 2026. As of the period’s end, the company held a net cash position of €77.1 million.
North American Momentum and Live Casino Expansion
Revenues from the United States and Canada jumped 64 percent year-on-year to €21.8 million, buoyed by new market launches, including entry into West Virginia, Playtech’s fourth regulated iGaming state. Plans are in place to escalate investment in these markets, with Live Casino offerings cited as a prime area for expansion.
Playtech has bolstered its Live Casino presence at the MGM Grand Las Vegas, adding tables to distribute content in regulated markets outside the United States. MGM Resorts has partnered with Playtech and Fremantle to broaden the ‘Live from Vegas’ product line, highlighted by the launch of Family Feud Live, a broadcast from a specialized glass studio on the MGM Grand casino floor. This game show marks the first of its kind to be streamed live from the gaming floor of a Las Vegas casino.
Performance in Latin America and SaaS Growth
Latin America revenues fell 32 percent to €87.7 million, primarily due to the Caliente agreement and regulatory developments in Colombia. Brazil emerges as a key long-term area for expansion following the establishment of a national licensing system on 1 January 2025.
Notable partnerships have been forged with operators such as Galerabet, Betano, and Bet365, with Playtech preparing to establish a new Live Casino studio in São Paulo. This studio will employ over 100 staff, with native Portuguese-speaking dealers delivering locally tailored content.
The company’s Software-as-a-Service (SaaS) division experienced 73 percent revenue growth, reaching €57.3 million, which points to strong market demand for its technology. The Live Casino segment continued to report strong momentum, backed by global operator collaborations.
Management Insights and Strategic Priorities
Mor Weizer, CEO of Playtech, said: “These results show the strong start Playtech is making in its transition back to its roots as a predominantly pure-play B2B business. I’m very pleased that we have reported earnings ahead of expectations from earlier in the year, reflecting the strong performance across our key markets.
America remains a core priority given the significant opportunities in the region, and Brazil’s transition to a regulated market represents a key milestone in a high-potential market. Demand for our Live offering also continues to grow, with the launch of our innovative partnership with MGM Resorts complementing our existing studio offering.” He added that Playtech’s balance sheet strength will allow for increased investment in the US and Brazil in H2 2025 to drive continued growth.
Guidance, Broker Feedback, and Analyst Upgrades
Playtech has reiterated its medium-term goals of achieving €250–300 million adjusted EBITDA and €70–100 million in free cash flow. These targets are supported by expansion in regulated markets, anticipated profitability in the United States, and improved operational efficiency.
Broker Investec described the company’s performance as “strong” and upgraded earnings projections for 2025–2027 by approximately 3 percent per year. It now forecasts full-year 2025 EBITDA of €180 million, up from its earlier €175 million projection, and ahead of the Bloomberg consensus figure of €163 million.
Earnings per share forecasts were lifted by as much as 7.7 percent. Investec reaffirmed its ‘Buy’ rating, increasing its target price to 670p from 650p, which suggests a potential 69 percent upside from the current share price of 397p. The broker further stated that the market continues to undervalue Playtech’s stakes in Caliente Interactive and Hard Rock Digital.
| Metric | H1 2025 | Year-on-Year Change |
|---|---|---|
| Adjusted EBITDA | €91.6 million | -16% |
| Total Revenue | €387 million | -10% |
| North America Revenue | €21.8 million | +64% |
| Latin America Revenue | €87.7 million | -32% |
| SaaS Revenue | €57.3 million | +73% |
| Net Cash Position (end period) | €77.1 million | – |
Business Updates: Cruise Sector and European Focus
Playtech recently grew its leisure industry presence by launching retail sports betting technology across the MSC Cruises fleet. Passengers are now able to place sports wagers while onboard, with the offering already available on several ships. MSC Cruises, known for providing traditional gaming experiences, has further diversified its entertainment portfolio through this partnership initiated earlier in the year.
In May, Playtech finalized the transfer of its HappyBet operations in Germany to NetX Betting Ltd., a subsidiary of pferdewetten.de AG, marking its definitive exit from the country’s retail sports betting market. This move reinforces Playtech’s commitment to focusing primarily on B2B opportunities throughout Europe.
Industry Calendar
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- Author
Daniel Williams
