Playtech announced its financial results up to December 31, 2024, showing an 11% year-over-year increase in adjusted EBITDA to 480.4 million euros, with total revenue increasing by 5% to 1.79 billion euros ($1.93 billion).
According to reports, this growth was primarily due to the strong performance of its core B2B sector, which achieved its mid-term EBITDA targets ahead of schedule.
Strong Performance in Core B2B Markets
Playtech's B2B sector saw a revenue increase of 10% to 754.3 million euros, with adjusted EBITDA up 22% to 222 million euros. The company stated that it achieved broad growth across its core markets, particularly in the Americas.
Revenue from the Americas grew by 19% to 251.6 million euros, with the United States and Canada contributing 29.8 million euros—an increase of 126% compared to 2023.
Playtech highlighted progress with partners, including Hard Rock Digital in New Jersey and Wplay in Colombia. Brazil also showed strong growth momentum ahead of its expected reclassification as a regulated market in 2025.
Revenue from regulated live casino markets grew by 24%, with SaaS revenue reaching 80 million euros, up 59%. The group also launched the BetBuddy safe gambling tool, adding 7 new brands, bringing its coverage to 23 brands across 14 jurisdictions.
B2C Business Remains Stable Amid Restructuring
B2C revenue slightly increased by 2% to 1.05 billion euros. Revenue from Sun Bingo and other B2C operations rose by 7% to 78.9 million euros, while adjusted EBITDA dropped to 4.5 million euros due to affordability checks in the UK.
HAPPYBET's EBITDA loss was 11.8 million euros, and after closing its Austrian operations in the second half of 2024, Playtech has begun selling its German business.
Snaitech Sale to Return Capital to Shareholders
Snaitech, now classified as discontinued operations, had revenue of 956.1 million euros, up 1%. While online revenue grew by 3%, customer-friendly sports event outcomes dragged down overall performance.
Playtech confirmed that the plan to sell Snaitech to Flutter Entertainment for 2.3 billion euros 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 special dividends. Net debt decreased by 49% to 142.8 million euros.
Amendment to Caliplay Agreement
The revised strategic agreement signed with Mexican joint venture partner Caliplay is expected to take effect on March 31, 2025. The update clarifies the long-term cost structure, expected to support growth in the Americas.
The new structure supports Playtech's latest financial targets: mid-term adjusted EBITDA range of 250 to 300 million euros, with free cash flow of 70 to 100 million euros. After the sale of Snaitech, a new revolving credit facility of 225 million euros will also be provided, replacing the existing 277 million euros credit facility.
CEO Mor Weizer stated, "2024 was a milestone year for Playtech... Our core B2B business performed exceptionally well, achieving our mid-term targets set two years ago."
Good news: Following the earnings release, Gambling Insider exclusively interviewed Playtech CEO Mor Weizer—this interview can be read in this week's GI Friday.
Past News
In September 2024, Playtech agreed to sell Snaitech to Flutter for 2.3 billion euros as part of its strategic shift to focus on the B2B business. Earlier this year, the company reported that B2B revenue in the Americas grew by 42% in the first half of the year and launched the AI-driven responsible gambling tool BetBuddy. Playtech also reported that adjusted EBITDA grew by 11% in the first half of 2024, with net debt reduced to 225.5 million euros.
