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Playtech expects to beat earnings target after “strong” start to 2023

| By Robert Fletcher
Playtech expects its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for 2023 to be slightly ahead of initial forecasts after experiencing a “strong” start to 2023.
Evolution 2023 Q4

In a trading statement, Playtech said it continued to make good progress against its strategic objectives in the first four months of 2023 across both the B2B and B2C divisions. This was driven by growth within its Snaitech and Caliente businesses.

For the B2B segment, Playtech was able to extend its presence in Latin America as Caliente continued to demonstrate growth and build on its position in Mexico.

Playtech also continued to make strategic progress within the US. This included purchasing a minority equity ownership stake in Hard Rock Digital for $85.0m (£68.3m/€78.8m)

In terms of live casino within B2B, Playtech said this business delivered good growth in the period. Momentum also continued within the SaaS business with revenue growth, further launches and new customer signings.

Turning to B2C, Playtech said that the division performed well, driven by the success of its Snaitech business. 

This was helped by the resumption of football after the World Cup, combined with pent-up demand, with the retail segment in particular seeing strong growth. Playtech also noted ongoing growth within its online business.

Earnings growth

Although Playtech said current growth rates for its wider business are expected to moderate later in the year due to certain tailwinds in Q1, it expects 2023 adjusted EBITDA to be slightly ahead of initial forecasts.

“I am delighted to report that our strong start to the year has continued, with growth across both the B2B and B2C divisions,” Playtech chief executive Mor Weizer said.

“Our strategy of focusing on regulated or soon-to-be regulated markets, combined with Snaitech’s impressive performance in Italy, means we remain well-positioned to make further progress and capitalise on the significant growth opportunities ahead.”

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