Playtech Shows how COVID-19 Impacted 2020 Operations – But Online is Up
As gambling operators and software providers release their 2020 financial numbers, it is becoming clear just how much of an impact the ongoing health crisis has had on them. The latest company to document this impact was Playtech, which reported a 25% group-wide decline for the year 2020.
Playtech reported that it had been “severely impacted by COVID-19”. This played out by the cancellation of major sporting events around the globe, including the Olympic Games. Many retail units that use Playtech software were also shut due to pandemic regulations around the world.
Some of the key points of the Playtech 2020 report:
– Playtech’s B2B segment reported a 10.6% fall in revenue to EUR 494.8 million.
– Playtech’s Asian revenue fell 28%.
– Core B2B dropped 6% compared to last year.
– Playtech’s Italian arm, Snaitech was down 37% compared to 2019, due to the closing of retail betting stores in Italy.
– B2C gambling dropped 33.7%.
– Sports betting dropped 3%.
On the upside, due to more players than ever heading online to enjoy gambling entertainment as land-based properties closed because of the coronavirus, Playtech’s digital segment grew 30% – across live casino, online casino, online bingo and online poker.
Playtech Looks Ahead to 2021
Playtech’s executives believe that they are strong enough to come out of the pandemic if the right moves are taken. The group’s CEO, Mor Weizer, explained that Playtech has limited the impact of pandemic restrictions thanks to swift management actions.
Weizer said that the group had recently licensed its products in four US states, continuing its excellent progress made in the highly strategic US market. It also continues to build on its position in Latin America such as Costa Rica and Panama.
Weizer added that Playtech has already seen a good start to this year in January and February, considering that the pandemic is ongoing in most countries around the world.