LONDON: Playtech (LSE: PTEC), a leading provider of technology and services to the online gambling industry, reported a €1.6 billion post-tax profit for the first half of 2025, driven by the disposal of its Snaitech unit, despite a 10% decline in revenue and a sharp drop in reported EBITDA.
The company distributed approximately €1.8 billion to shareholders via a special dividend following the €2.3 billion sale of Snaitech to Flutter Entertainment plc. Adjusted EBITDA came in at €91.6 million, down 16% year-over-year but in line with upgraded guidance issued in August.
CEO Mor Weizer said the results reflect Playtech’s strategic pivot to a predominantly B2B model, supported by a revised agreement with Caliente Interactive and strong momentum in the Americas.
“We are on track to exceed full-year expectations,” Weizer said. “Our investments in the U.S. and Brazil are accelerating, and our Live Casino offering continues to see robust demand.”
Playtech’s B2B revenue fell 9% to €347.6 million, largely due to the Caliente restructuring. Excluding that impact, B2B revenue grew 3%, with U.S. and Canadian operations surging 64% to €21.8 million. SaaS revenue jumped 73% to €57.3 million.
The company’s investment income rose to €19.8 million, bolstered by Caliente’s first dividend payout and increased equity value in Hard Rock Digital.
B2C operations continued to contract, with revenue down 17% and EBITDA losses narrowing to €1.5 million. Regulatory changes and the winding down of HAPPYBET’s German and Austrian businesses contributed to the decline.
Playtech ended the period with €77.1 million in net cash, reversing a €225.5 million net debt position from a year earlier. The company redeemed the remaining €150 million of its 2026 bond, strengthening its balance sheet.
Looking ahead, Playtech reaffirmed its medium-term targets of €250–€300 million in adjusted EBITDA and €70–€100 million in free cash flow, citing confidence in its technology, partnerships, and market positioning.