27.03.2024

by Adam Dworak

Last update: 27.03.2024 14:49

Playtech Announces Impressive 2023 Financial Outcomes

Playtech, a titan in the iGaming industry, providing top-tier platforms, content, and services, proudly unveiled its financial results for the year ending December 31, 2023.

The company’s achievements surpassed expectations, reflecting robust growth and strategic advancements in both B2B and B2C sectors.

Exceeding Expectations: A Financial Overview

Playtech’s financial health in 2023 has been remarkable, with Adjusted EBITDA climbing 9% to reach €432.3 million, a notable increase from the €395.4 million recorded in 2022.

This growth is attributed to the solid performances in both B2B and B2C divisions, bolstered by strategic partnerships, including a significant collaboration with Hard Rock Digital.

Strategic Expansion and Operational Highlights

Playtech’s B2B segment experienced an 8% revenue increase, reaching €684.1 million, driven by strong performances in regulated markets. The Americas emerged as a significant growth contributor, with revenues surging by 46%. Key initiatives such as the opening of a third Live Casino facility in Pennsylvania and securing licenses in 11 US states have positioned Playtech as a leader in the American market.

In the B2C realm, Playtech reported a 5% revenue increase, with figures reaching €1,037.0 million. The Snaitech brand, in particular, showcased remarkable growth, maintaining its top position in the Italian sports betting market. Despite challenges, including a legal dispute with Caliplay, Playtech remains committed to resolving issues and continuing its productive relationship with this crucial partner.

Financial Resilience and Future Outlook

Despite the challenges posed by Caliplay, Playtech’s balance sheet remains resilient, with a leverage ratio of 0.7x at the end of FY 2023. The company’s financial stability is further underscored by the successful issuance of a €300 million bond due in 2028.

Looking ahead, Playtech is poised for continued growth, with a solid start to 2024 reflecting strong underlying trends in both B2B and B2C sectors.

Our Comment on Playtech’s Achievements

Playtech’s stellar performance in 2023 underscores its resilience and adaptability in a dynamic industry landscape. The company’s strategic expansions, particularly in the lucrative American market, coupled with its commitment to innovation and safer gambling, position it for sustained growth and success.

As Playtech continues to navigate challenges and seize opportunities, its prospects for delivering value to shareholders and stakeholders alike remain highly promising.

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