Playtech Forecasts €90M H1 2025 EBITDA Following Strategic Overhaul

Playtech has projected an adjusted EBITDA of at least €90 million for the first half of 2025, reflecting a substantial structural transition within the business. The forecast, issued in a recent trading update ahead of its September results, is a marked decrease from the €243 million recorded in the same period last year. However, the company emphasized that its current configuration looks very different from a year ago, following a deliberate pivot to a B2B-only model.

This estimated EBITDA includes losses associated with its divested HappyBet brand but excludes contributions from Snaitech, another significant asset that was sold earlier in the year. Despite the anticipated drop, Playtech remains confident in its evolving B2B operations and has seen better-than-anticipated returns from associate businesses—particularly its Mexican partner Caliente Interactive.

The financial downgrade comes in the wake of a sweeping strategic redirection. Playtech has fully exited its B2C operations, beginning with the €2.3 billion sale of Snaitech to Flutter Entertainment, finalized in April. Snaitech, a major contributor to past revenue, represented the core of Playtech’s consumer-facing activities. Its sale marked a clear turning point, with the company reaffirming its vision to become a leaner, more focused B2B technology provider.

The company also completed the divestment of HappyBet, its last remaining B2C brand, to NetX Betting, a subsidiary of Pferdewetten AG. The transaction was completed on 28 May, just two months after the sales process was initiated. With this, Playtech has eliminated all direct-to-consumer operations, allowing for a streamlined business strategy centered on serving partners rather than end-users.

This simplification is expected to enable better technological integration, deepen relationships with existing clients, and enhance cross-sell opportunities within its B2B portfolio.

One of the unexpected bright spots in Playtech’s latest performance update came from Caliente Interactive, its associate in Mexico. The brand experienced strong sporting outcomes in Q2, leading to its first dividend payment to Playtech under a restructured agreement finalized earlier this year.

The updated terms, effective from 31 March, resolved a longstanding dispute between Playtech and its Caliplay joint venture partner, Caliente. Under the new deal, Playtech now holds a 30.8% equity stake in the venture and receives dividends accordingly. However, it no longer earns additional B2B service fees from the partnership.

The Caliente agreement also provided Playtech with $140 million in previously unpaid fees, bolstering its cash position. The company retains an option to raise its ownership stake in the future, subject to meeting specified conditions.

The dividend and improved associate performance significantly bolstered Playtech’s H1 expectations, helping to counterbalance the revenue lost through recent divestitures.

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Although Playtech noted that Latin American markets—specifically Brazil and Colombia—posed challenges in Q1, it remains optimistic about future prospects. Regulatory uncertainty in Brazil and temporary tax burdens in Colombia were cited as headwinds, yet the company reaffirmed its strategy of pursuing long-term growth in these regions.

Playtech confirmed that it will ramp up investment in both Brazil and the US during H2 2025. The company has been growing its presence in regulated US markets, including a June expansion into West Virginia—marking its fourth iGaming launch in the country. Playtech has also secured B2B partnerships with prominent operators such as DraftKings, BetMGM, and Hard Rock Digital.

Its global footprint continues to widen, with additional deals in Ontario and France, reflecting the company’s broader ambition to grow through partnerships in regulated jurisdictions.

In its update, the company reiterated: “Given the exciting growth opportunities ahead, the board remains very confident in Playtech’s ability to execute on its strategy as a predominantly pure-play B2B business.”

Source:

, otp.tools.investis.com, August 1, 2025.