Playtech reports steady growth for Q1 2023
Playtech reports steady growth for Q1 2023

In its Q1 2023 report, Playtech reported steady growth in both the B2B and B2C divisions. The first four months of 2023 saw the company’s B2B sector perform well due to regulated markets.

With Caliente strengthening and maintaining its position in Mexico, the company expanded its presence in Latin America. Earlier this year, the group signed a deal with Hard Rock Digital to expand its US strategy.

As part of the deal, Playtech contributed $85 million in exchange for a small minority ownership position at a low single digit percentage.

Meanwhile, the B2C division, led by Snaitech, also performed well. Repressed demand and the return of football after the World Cup created an upward trend at the beginning of the year, helping retailers to grow.

With the loss of EBITDA slightly decreasing in the trading period compared to the previous year, the strategic and operational changes made in the HappyBet business start to happen.

Additionally, Ruby Yam will join the Board as an Independent Non-Executive Director on June 1, 2023. Yam is replacing John Krumins, who will step down following the group’s interim results in September 2023.

Mor Weizer, Group CEO, said: “I am pleased to report that our strong start to the year has continued with growth in both the B2B and B2C divisions.”

“Our strategy to focus on regulated and soon-to-be regulated markets, combined with Snaitech’s impressive performance in Italy, means that we remain well positioned to make further progress and capitalize on the significant growth opportunities that lie ahead.”

Playtech sees 33% increase in revenue from last year

Recently, Playtech reported its total group revenue of €1.6 billion ($1.7 billion) for 2022, up 33% year-on-year. Its adjusted EBITDA was 405.6 million euros, an increase of 28% when compared to 317.1 million euros in 2021.