Playtech expects 2022 revenue to hit €400 million mark

abdelaziz Fathi

Playtech plc (LSE: PTEC) expects to achieve solid financial results for the fiscal year 2022 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue and net profit.

In a trading update, the London-listed gambling software developer said the business continues to perform strongly since interim results were released in September. As a result, adjusted EBITDA for the full year is expected to be at least €400 million, up 26% versus €317.1 million in 2021.

The solid performance was driven by B2B online growth, particularly Latin America and Snaitech. Highlighting its success, Playtech said the revenue growth more than offset hurdles encountered as a result of the COVID-19 pandemic. In particular, the B2B gambling segment grew by 17% from the prior-year period.

Americas proved to be the biggest success story for Playtech, it says in a statement to shareholders. The company’s B2B sports betting and retail Snaitech subsidiary performed well in the region with revenue growth of 182% to $446 million in the first semester, and adjusted EBITDA growth of 154% to €131.7 million.

“There will be an in-person results presentation at 9am at the London Stock Exchange, 10 Paternoster Square, EC4M 7LS, which will also be accessible via audio webcast. On the same day and at the same location as the FY 2022 results presentation, Playtech will also be hosting an event for investors and analysts. The focus of the event will be on the most exciting growth areas within the B2B division, with presentations from the management team covering the Americas and Live segments,” it said in a regulatory filing with the London stock Exchange.

The 2022 financial year proved to be a busy one for Playtech. Its second-biggest shareholder, Gopher Investments completed the long-mooted purchase of Finalto financial services division for $250 million. Over the year Playtech has refocused the business, with the sale of Casual and Social Gaming.

The gambling technology company has also laid the foundations for its US business to become one of its biggest growth drivers by doubling revenues in the region. Playtech announced new deals that saw the brand expand its US presence to include live casino studios in New Jersey and Michigan.

There has been frenetic dealmaking in the gambling industry since the US supreme court legalized sports betting as companies look to tap expertise of online gaming software suppliers operating in more developed markets such as the UK. This was also one of major drivers behind the takeover battle for Playtech, which has been heating up.

Read this next

Retail FX

Axi extends partnership deal with Manchester City

FX broker Axi, previously known as AxiTrader, has renewed its flagship sponsorship deal with soccer giant Manchester City.

Digital Assets

Russia delays digital ruble pilot to May

Russia has postponed its central bank digital currency (CBDC) pilot indefinitely, which was originally scheduled for April 1, as it awaits specific legislation to be voted before the “crypto ruble” trial.

Executive Moves

Scope Markets promotes James Hughes to head of marketing

Belize-based FX and CFDs brokerage Scope Markets has promoted James Hughes, who until recently was its head of brand, to take on an expanded role as the company’s global head of marketing.

Retail FX

Fraudsters clone Financial Commission’s website, two ex-members under suspicion

The Financial Commission, an industry-specific dispute resolution service that caters to the financial services industry, today announced that it believes a clone website has been impersonating its membership roster.

Retail FX

CMC Markets warns of operational challenges in Q1

CMC Markets PLC (LSE:CMCX) said in a trading update for the fiscal year 2023 that February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.


Why Is Digital PR So Important for Financial Service Providers? Buzz Dealer’s CEO Uri Samet with the Answers

Digital PR is all about spreading your message faster, wider, and stronger in the online world, through proper SEO, link-building, and organic and paid social media work.

Inside View

Why And How Are Virtual Cards Disrupting The Finance Industry

Virtual cards have the potential to revolutionize the finance industry by providing faster and more secure payments, wider acceptance, and eco-friendliness.


Sweat Economy’s Oleg Fomenko on upcoming launch of Move-to-Earn app in the US

With the crypto winter’s biggest hurdles seemingly behind us as the prices of Bitcoin et al. climb the charts again, the Web3 economy is preparing for the next phase.

Industry News

OptionMetrics acquires Woodseer to add dividend forecast data for equities

“The addition of Woodseer’s product suite will enhance our ability to serve financial market stakeholders and academic institutions in their analysis of equity market performance and risk.”