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Playtech Has High Hopes for the End of 2023 FY Due to Great Results in H1

Playtech Has High Hopes for the End of 2023 FY Due to Great Results in H1

10/09/2023
The Playtech provider is set to demonstrate great performance results for the H2 of this financial year. The company’s confidence is based on its amazing accomplishments during the first half 2023. The record-breaking achievements became possible due to big success in the countries of North and South America.

Key Indicators of the FY’s H1

Playtech revenue in H1 2023: records

The supplier mentioned €859.6 million in revenue for the first half of the financial year lasted until June 30. This was an 8% rise YoY.

Here are the results by business categories:

  • B2C operations generated €532.1 million (uplift by 9%);
  • B2B activities brought €334.5 million (raise by 7%).

Playtech’s Chief Executive Officer Mor Weizer noted that record figures were a result of their varied product assortment for both business verticals in progressive legal markets worldwide. Having started in the United States, the company expanded its offering to many other promising countries.

Mr Weizer is confident in further growth due to the following occasions:

  • signing a significant deal with Hard Rock Digital;
  • cementing the leadership in Mexico through Caliente;
  • strengthening positions via the Galera.bet brand in Brazil.

Additionally, the group’s subsidiary Snaitech demonstrated remarkable results in the Italian jurisdiction. The experience in the land-based sector contributed to the thriving of online direction as well.

Important Contacts in the USA and Beyond

The Americas became a key area of success for the corporation’s B2B vertical. The region’s gain reached €99.7 million, 43% up. Caliente is considered the main driver of the development. There are also high hopes for regulation initiation in Brazil.

Playtech’s team progressed a lot with expansion in the United States, signing significant agreements with top operators and launching in new states.

For instance, there were contracts with such famous brands:

  • 888;
  • PokerStars;
  • Rush Street Interactive (RSI), etc.

Revenues for the European region, except for Great Britain, increased by 5%, reaching €96.6 million. However, profits from the Dutch market were reduced because of fiercer competition and strict regulations. Something similar happened in the United Kingdom where earnings dropped down by 2% to €62.9 million.

Growth in the Retail Sector

Playtech’s Snaitech demonstrated good results in the first half of the FY, with profits being up 10% compared to H1 2022.

There were revenue accomplishments in different verticals:

  • the retail sphere increased by 9%;
  • the online branch uplifts by 12%.

Land-based betting sales went up by 24% due to declined demand after the Fifa World Cup in H1 2022. HAPPYBET’s gain dropped by 4% compared to the H1 of the previous year because of the situation with German retail points. However, Austrian results stabilised the condition as local profits went up due to the increasing site number in a couple of lucrative states.

Business-to-consumer processes generated €34.1 million, a 8% rise. This was the outcome of bigger promo spending at the end of the last year. The corporation proceeds with its evolution in the field.

Business Costs and Adjusted EBITDA

Playtech business costs and adjusted EBITDA

This indicator also went up: continuing activities brought €219.9 million, which is 10% higher YoY. B2B expenses reached €253.2 million, a rise of 8%. The vertical’s adjusted EBITDA accounted for €81.3 million.

Let us look at other nuances:

  1. Operations saw the biggest spending of €148.6 million. This was a 2% increase, caused by contributing to expansion in the USA.
  2. Expenditures on sales and promotion grew by 24% to €10.4 million due to the recovery of marketing after the pandemic’s limitations.

Adjusted EBITDA of the B2C vertical uplifted by 14% to €138.6 million. Meanwhile, the corresponding margin reached 26%. Snaitech’s indicator accounted for €141.9 million (12% up YoY). Although the brand saw more extensive costs, the solid financial growth compensated for that part.

Earnings before fiscal contributions for continuing activities dropped down to €79.6 million. The post-tax results also decreased to €3.1 million.

Plans and Hopes of the Provider

The company’s CEO expressed confidence in the further financial development of the corporation.

Mr Weizer said the H1 results made it easy to believe in adjusted EBITDA growth for H2 with such potential outcomes:

  • B2B — €200–250 million;
  • B2C — €300–350 million.

This parameter was a record one for the group in the first half of the FY. The expert relates this to the company’s reliable strategy and progressing operations of the last few years. The beginning of the H2 already brought good results, and Mr Weizer is confident in the possibility of outperforming initial expectations.

The executive plans to use all development opportunities, relying on the following aspects:

  • tried strategy;
  • stable balance sheet;
  • rich operational experience.
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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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