Playtech Sees Cash Recovery and U.S. Growth Despite Revenue Dip in H1 2025

Playtech has disclosed its financial performance for the first half of 2025, revealing a decline in revenue but a dramatic improvement in cash flow. The gaming technology company posted revenue of €387 million ($452.5m), representing a 10% drop compared with the same period in 2024. Adjusted EBITDA also slipped 16% year-on-year to €91.6m, while adjusted post-tax profits decreased 12%.

Despite these declines, Playtech highlighted significant progress in other areas. Adjusted investment income surged to €19.8m, marking a 171.8% jump from the prior year. The company also reversed its negative cash position from H1 2024, moving from a €225.5m loss to a net cash balance of €77.1m by mid-2025.

CEO Mor Weizer stressed that these results were consistent with Playtech’s updated guidance. “We have had a strong first half of the year, delivering an adjusted EBITDA of almost €92 million in line with our upgraded guidance.”

Growth in the Americas, especially in the U.S. market, played a central role in offsetting revenue pressures. Playtech’s North American revenue climbed 64% to €21.8m, while Latin America saw a 32% decline to €87.7m.

The U.S. remains a core focus, with Playtech recently entering West Virginia, its fourth iGaming state, and expanding partnerships with leading operators like Hard Rock Bet, DraftKings and Delaware North. “We extended in the first half of 2025 with DraftKings into three iGaming states. Now we are extending into our fourth state with the West Virginia launch,” said Weizer. He added that Playtech is now licensed in 12 U.S. states and intends to grow that footprint further.

Canada also continues to be part of Playtech’s North American push, where it works with more than 10 operators, including a strong partnership with Ontario-based NorthStar.

While revenue in Latin America fell, Playtech remains optimistic about long-term prospects, particularly in Brazil. The market underwent a major regulatory shift in January 2025, introducing some of the strictest rules globally. Weizer acknowledged that this transition initially hurt operators, with impacts ranging from 20% to 70%. However, he noted that revenue levels have begun to stabilize, with August 2025 gross gaming revenue returning to pre-regulation levels.

“Latin America remains a key region for us, but the transition to a regulated market in Brazil is a real game changer,” Weizer said. Playtech is investing heavily in the region, including building a live casino studio in São Paulo and planning to employ around 100 staff in Brazil by year-end.

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Alongside regional expansion, Playtech is leveraging high-profile partnerships to fuel growth. In March, the company finalized a revised agreement with Caliente Interactive, taking a 30.8% equity stake. More recently, it extended its collaboration with MGM Resorts, launching Family Feud Live, an interactive game streamed directly from MGM Grand’s Las Vegas casino floor.

The live casino segment continues to be a bright spot, with 9% overall growth in H1 and more than 300% growth in the U.S. Weizer emphasized its role in Playtech’s future, noting that “excluding the impact of the new agreement, adjusted EBITDA grew 5%, which is a clear sign of resilience and momentum across our business.”

Looking ahead, Playtech expects to slightly exceed its FY 2025 Adjusted EBITDA forecast, with medium-term ambitions targeting €250m to €300m. Expansion into new markets, such as the Philippines in 2026, also forms part of its strategy. “We are very excited about the future,” Weizer concluded.

Source:

““, linkedin.com, September 11, 2025.