Playtech revenue grows to €1.60 billion in 2022
Playtech plc (LSE: PTEC) reported 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 January. As a result, the annual revenue grew 33 percent to €1.60 billion compared to the €1.21 billion it booked a year earlier. At constant currency rates, revenues increased 31 percent.
Snaitech’s online business performed ahead of expectations with revenue growth of +2% versus 2021, despite the reopening of retail sites, the gambling technology provider said.
Adjusted EBITDA for the full year was reported at €405 million, up 28% versus €317.1 million in 2021. Europe ex-UK grew 31% at constant currency to €184.6 million driven primarily by Netherlands with strong contributions from Poland, Spain and Ireland. Snaitech Adjusted EBITDA was up 39% to €254.2 million from the last year’s €182.6 million, driven by retail sites reopening at the end of post-pandemic.
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.
“All parts of the business contributed to this performance, with B2B powered by Europe (ex-UK) and the Americas, and B2C’s impressive performance underpinned by Snaitech’s continued strength in the Italian market in both retail and online. Strategically we have also continued to deliver, executing the successful sale of Finalto continuing our simplification strategy, and making great progress in North America with the launch of the IMS platform with Parx Casino in Pennsylvania and having signed several significant new deals including Golden Nugget, WynnBET, Resorts and 888,” CEO of Playtech, Mor Weizer 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.
