Playtech Results Badly Impacted By Pandemic
Playtech has announced its full year earnings ending 31st December 2020, the company posted revenue declines of 25% to €1 billion compared to €1.4 billion the previous year.
The fall in revenues was felt across the company divisions with both B2C & B2B falling because of the impact of the COVID-19 pandemic with closures in retail.
In the B2B business the company saw a fall of 10.6% to €494.8 million compared to €553.9 million in 2019, this fall was attributed to retail closures mostly that impacted with a 51% decline in that area.
But B2C sector for Playtech also felt the pressure with revenues falling to €596 million compared to €900.5 million the previous year representing a drop of 33.7%. Snaitech part of the companies B2C arm suffered a fall of 32% in revenues to €53.8 million due to the closure of its Italian business.
Mor Weizer Playtech CEO said on the results: “The attitude and skill of our people, and the strength and diversification of our technology-led business model has enabled us to deliver a robust financial performance in spite of the challenging backdrop.
“Playtech also made significant strategic and operational progress by adding new brands, expanding existing relationships and entering new markets. We are particularly pleased with the excellent progress we have made in the US market, launching with bet365 and Entain in 2020, and signing milestone agreements with the Greenwood companies in 2021 to license our products in Michigan, Indiana, New Jersey and Pennsylvania.
“Snaitech has continued to excel in Italy despite the retail closures in 2020. Snai achieved the number one market share position in Italy across online and retail sports betting and grew its overall online revenue by 58% in 2020. Italy continues to offer significant growth potential, and Snaitech is ideally positioned to capitalise on this opportunity.
“As the leading technology company in the gambling industry, our licensees look to us to deliver innovation that changes the way players experience gambling entertainment. Key to this approach is Sustainable Success, our ESG commitment launched in 2020, which will consolidate our position as a global leader in safer products, data analytics and player engagement solutions and commits to grow our business in a way that benefits our people, our communities, the environment and our industry.
“The significant strategic and operational progress we achieved in 2020 has placed us in a strong position to capture the exciting market opportunities ahead.”
