Playtech reports bumper revenue growth as B2B segment shines
Playtech, the London-listed gambling software developer, has announced revenue of €1.21 billion for the twelve months through December 2021, which was up 12% compared to the €1.07 billion accrued in the same period in 2020.
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 11% to €554.3 million compared to €494.8 million a year earlier.
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 94% to €101.3 million.
Meanwhile, Playtech detailed that its adjusted EBITDA stood at €317 million, representing an increase of 25% year-on-year from €253 million in 2020.
Commenting on the results, chief executive Mor Weizer said: “Our full year results demonstrate the quality of Playtech’s technology and the momentum across the Group. Our strong performance is underpinned by our B2B business, in particular the tremendous growth we have seen in the Americas. In B2C, the story is similar, with Snaitech continuing to outperform the market, achieving the position of the number one brand across sports betting and retail in Italy.”
Playtech accelerates growth in US market
Over the year Playtech has refocused the business, with the sale of Casual and Social Gaming in January and the disposal of Finalto due to complete later this year.
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 has announced new deals that saw the brand expand its US presence to include live casino studios in New Jersey and Michigan. The company launched its Michigan studio in collaboration with Parx Interactive through its Play Gun Lake brand. Moreover, Playtech’s New Jersey studio is now available to operators via an arrangement with Bet365.
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.
