Playtech Reports Strong H2 Start
The online and sports betting developer, Playtech was pleased to report that the second half of the year got off to an excellent start. This comes after the group reported a slight drop in its revenues in the first six months of the year.
The group provides software to many online casinos that serve South African casino players, such as Casino.com and Mansion Casino.
According to Playtech, its online gambling and B2B segments performed exceptionally well in August, 2021. It expects that these segments will continue to do well and generate increased revenue throughout the rest of the year.
Interim Trading Report
Playtech stakeholders were given an interim trading report that followed a July 2021 update which showed that total revenue had fallen to €457.4 million in the first half of the year. This is in comparison to the €476.7 million in the same period year on year).
Other key points from the H1 report:
– Playtech’s adjusted EBITDA was €124.1 million compared to H1 2020’s €109.5 million – an increase of 13%. Playtech said that was in line with expectations at the start of 2021.
– Revenue growth of 16% in the B2B segment – €267.2 million compared to H1 2020’s €229.6 million, and despite the pandemic.
– The Italian market did very well, with Playtech’s B2B sports betting and retail business, Snaitech experiencing a 95% growth in revenue.
– The most significant expansion was seen in the US and Latin American markets, with revenue increasing overall by 106% to €46.4 million. Playtech is in partnership with Scientific Games, Novamatic and BetMGM in New Jersey, and Parx Casino in Michigan.
What Playtech Says
“I am delighted by our strong strategic and operational progress to date in 2021, despite the ongoing challenges posed by the pandemic,” said Mor Weizer, Playtech CEO.
“These results demonstrate the quality of our technology and products, the significant progress made against our strategic priorities, and wider momentum across Playtech’s operations.”
“Looking forward, given the strong H1 performance, the momentum in the business and the easing of lockdown restrictions, we are confident of Playtech’s prospects for the remainder of 2021 and beyond,” Weizer concluded.