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Playtech Beats H1 Profit Expectations after the Success with Snaitech

28 september 2022
Author: James Burton
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During the first part of 2022, Playtech met and exceeded all the expectations of planned financial growth. Due to the Snaitech initiative, the company has reached impressive targets in its revenue.

Playtech beats H1 profit expectations

General Statistics

The report which counted the successes of the group up to June 30th mentioned that there was a whopping 73% revenue rise compared to last year. Before all the tax calculations, the profits could be counted up to 64% of growth.

According to the report:

  • the year-on-year revenue was about 792.3 million EUR;
  • adjusted EBITDA reached 203.8 million EUR;
  • the post-tax profits amounted to 94.3 million EUR.

The net gain ended up being a promising 71.4 million EUR. However, compared to its giant success of 401.9 million EUR, which was earned around the same time in 2021, it fell rather short. That gain could be explained by multiple lucrative agreements in both North and South America.

Growth of the B2B Revenue

According to the Playtech comments, the B2B earnings rose at the beginning of the year, amounting to 312 million EUR. This means that the general improvement was 17%, or 13% if adjusting it to fixed rates.

The biggest changes took place in the following regions:

The European part of the growth was 39%, not counting the UK revenue, and this resulted in 92.2 million EUR. A big credit for it could be given to the Netherlands, where the gaming segment has only recently become regulated and the Holland Casino has been an instant success.

The American markets brought in 69.8 million EUR revenue and a 37% rise. As the company stated, the constant source of profit is Caliente, which is located in Mexico. In addition, the anticipated launch of Brazilian gaming market regulation will open up many opportunities for the future.

In Asia, however, the revenue slightly declined, falling to 22% because of competitiveness and the negative influence of COVID-19 lockdowns. Additionally, the debt of 15.4 million EUR has affected the profits in this region.

Overall, the gain (B2B EBITDA) rose from the same period in 2021 by 7%, making up 77.2 million EUR.

Positive Achievements

Playtech achievements: acquisition deals

During the period covered by the report, Playtech has sold its division Finalto to the fellow group Gopher Investments. The business was worth 250 million USD and became one of the strategic moves of the group in its simplification process.

The Playtech company itself has received the propositions of acquisition from TTB Partners. The Asian enterprise was planning to make a bid after their deal with Aristocrat fell through. Still, despite the CEO’s support, the official address was never made.

Comments from the Executive

Mor Weizer, who coordinates Playtech, admitted his delight at the good result that the company has achieved throughout the first half of this year. He mentioned that the impressive performance was delivered, which exceeded all of the expectations, and major progress was made on all fronts.

The successful result would not be possible without the international B2B businesses that operate in Europe and America, the executive said. He called it an amazing contribution from the Snaitech group.

The official talked about the group’s plans, saying that the brand is going to great lengths to improve its strategy in the United States, as shown by the new deal in Pennsylvania.

The expert also mentioned:

  • several agreements with the local brands;
  • taking care of the licence proceedings.

In his words, both Americas greatly contribute to the growth of the business. Mr Weizer named a few specific countries that could be credited for this success, such as:

  • Mexico;
  • Brazil;
  • Peru;
  • Canada;
  • the United States.

More Insights

Mr Weizer commented on the struggles that the company had to deal with, saying that it was supposed to navigate the uncertain times amidst the difficult political situation and other global issues. Because of it, the executive thanked all the employees that have made it possible and assisted in working through the hard period.

The official stated that due to the continuous tensions in the world, the economic state of events remains undetermined. Still, he is proud of the brand’s performance in the first part of the year and hopes it will continue into the second one. Mr Weizer voiced his expectations to see successful results from all of their business ventures and confidence in the positive prospects for the company in 2022.

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