In 2023, Playtech, a notable figure in the gaming industry, announced a 6.6% increase in revenue from continuing operations, reaching €1.71 billion.
This growth was attributed to advancements in both its B2B and B2C segments.
The company’s CEO, Weizer, underscored the importance of the U.S. market, highlighting the opening of a third live casino in Pennsylvania and the expansion of its license portfolio to 11.
Notably, the B2C division crossed the €1 billion mark in revenues for the first time, with Snaitech playing a crucial role in this achievement.
Weizer expressed gratitude towards Playtech’s global team for their resilience amidst geopolitical challenges, emphasizing their contribution to the company’s success.
However, Playtech faced legal challenges with Caliplay, a joint venture aimed at the Mexican market.
The dispute, centered on the annulment of their partnership and unpaid fees, reflects on Playtech’s financial health, including an €86.5 million in outstanding payments integrated into the year’s revenue.
Despite this, Playtech values Caliplay as a significant customer and seeks to resolve the dispute.
The company’s B2B revenue saw an 8.2% increase to €684.1 million, with significant growth in the Americas, including notable contributions from Caliplay in Mexico.
B2C revenue also hit a record high of €1.04 billion, a 5.5% year-on-year increase, largely driven by Snaitech in Italy.
Despite higher operational costs, Playtech reported a substantial increase in net profit to €105.1 million, attributing to revenue growth and efficient management.
The company is optimistic about 2024, projecting strong growth trends and setting ambitious EBITDA targets for both B2B and B2C segments.
Independent analyst Neil Shah from Edison Group acknowledged Playtech’s progress and strategic advancements, yet cautioned about the potential financial impact of the Caliplay dispute.
Nonetheless, Shah highlighted Playtech’s robust balance sheet and successful operations, particularly in the U.S., as positive indicators for the company’s future.