Playtech Announce Record Earnings for 2022

Playtech today reported record earnings for last year – thanks to increased B2B activity in the Americas and Europe, in particular.

The gambling software provider, which also operates in financial trading markets, rounded off 2022 with a 33 per cent hike in group revenue. Their year-on-year figure jumped from €1.2m to €1.6bn.

Their adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was up 28 per cent. That made a total figure of €405.6m – a Playtech record.

The company’s CEO, Mor Weizer said: “2022 was a year of considerable strength for Playtech, in which we delivered record revenues and EBITDA, ahead of market expectations. All parts of the business contributed to this performance, with B2B powered by Europe – excluding the UK – and the Americas, and B2C’s impressive performance underpinned by Snaitech.

“We have started the new financial year well. In spite of the continued macroeconomic and political uncertainty, [we] remain confident in our future prospects.”

And it wasn’t just in the B2B sector that UK-listed company made financial gains. Consumer sales – including Italian sports betting and gaming firm Snaitech – were also up compared to 2021. Snaitech and white label jumped 48 per cent to an annual €983.1m. Adjusted EBITA increased from €177.9m last year to €245.4m for 2022.

Despite celebrating increased profits and acknowledging a strong start to this year, Playtech executives said they were uncertain as to what future months might bring. This was in reference to the continuation of the war in Ukraine and inflationary pressures. The company currently has 6,600 employees in 26 countries.

Last week Playtech invested in a minority equity ownership stake in Hard Rock Digital (HRD). This is the interactive gaming and sports betting division of Hard Rock International and Seminole Gaming.

The deal will see HRD licensing Playtech slots, random number generator and live dealer table games via their existing offerings. This will be made available in Canada and the US.

Playtech, which was founded in 1999, has signed long-term commercial agreements with fellow UK company HRD to supply its products and services on a revenue share basis. It doesn’t however expect to see any real profits from the deal until the 2024 financial year.

Yesterday it also made a partnership deal with Dazn Bet. The latter was formed last year to offer casino titles, table games and live casino offerings to the UK. They also plan to expand to Spain, Germany and Italy as the company grows.