Playtech announced that driven by the growth of its B2B business, its adjusted EBITDA for the first half of the year increased by 11% to 243 million euros (271 million USD).
The supplier also announced the sale of its Italian sports betting subsidiary Snaitech to Flutter Entertainment for 2.3 billion euros, as part of its ongoing focus on its core B2B business strategy.
As of June 30, 2024, Playtech's revenue increased by 5% year-over-year to 906.8 million euros. The company attributes this growth primarily to its B2B segment, which saw a revenue increase of 14%, reaching 382.2 million euros.
Playtech's performance in the Americas was particularly strong, with revenue in the region growing by 42%, thanks to partnerships with major operators such as Caliplay, Colombia's Wplay, and Parx in the USA.
In contrast, the B2C segment's revenue remained flat at 532.4 million euros. Nevertheless, Playtech's flagship Italian brand Snaitech maintained its market position. However, Snaitech's revenue declined by 1% to 483.6 million euros, mainly due to customer-friendly sports event results at the beginning of 2024.
Earlier this year, Playtech announced the sale of Snaitech to Flutter Entertainment, valued at 2.3 billion euros. The transaction is expected to be completed in the second quarter of 2025.
Playtech plans to return 1.7 to 1.8 billion euros to shareholders through a special dividend. This sale marks a substantial return on Playtech's initial investment in Snaitech, which was acquired for 846 million euros in 2018.
Beyond the sale of Snaitech, Playtech's net debt decreased by 9% to 225.5 million euros. Looking ahead, Playtech remains poised to achieve its mid-term financial targets in the B2B sector, with adjusted EBITDA expected to be between 200 million and 250 million euros for the fiscal year 2024.
This latest development follows previous news of Playtech's expansion strategies in the USA and Canada. Over the past year, the company has expanded its market share in both regions.
The agreement with Flutter further supports Playtech's focus on its core B2B business, while Flutter aims to consolidate its recent acquisition of the Brazilian NSX Group.
