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Playtech reports steady growth for Q1 2023

Updated:2024-03-31 09:01    Views:137

In its Q1 2023 report, Playtech has reported steady growth in both the B2B and B2C divisions.

The first four months of 2023 saw Playtech's B2B sector perform well due to the regulated markets.

With Caliente continuing to grow and maintain its position in Mexico, the company expanded its footprint across Latin America.

Early in 2023, the business signed a deal with Hard Rock Digital to expand its US strategy.

As part of the deal, Playtech contributed $85m in return for a small minority equity ownership position of a low single-digit percentage.

Meanwhile, the B2C division, which is led by Snaitech, also performed well. Pent-up demand and the return of football following the World Cup created an upward trend at the beginning of the year, helping the retail sector expand.

With the EBITDA loss slightly decreasing in the trading period compared to the preceding year, the strategic and operational changes made inside the HappyBet business are starting to take place.  

Furthermore,Online Casino Games for Real Money Ruby Yam will join the Board as an Independent Non-Executive Director on 1 June 2023. Yam is replacing John Krumins who will be stepping down after the group's interim results in September 2023.

Mor Weizer, CEO, said: "I am delighted to report that our strong start to the year has continued with growth across both the B2B and B2C divisions.

"Our strategy of focusing on regulated or soon-to-be regulated markets, combined with Snaitech's impressive performance in Italy, means we remain well-positioned to make further progress and capitalise on the significant growth opportunities ahead."

Recently, Playtech reported its total group revenue of €1.6bn ($1.7bn) for 2022, up 33% year-on-year.

Its adjusted EBITDA was €405.6m, up 28% when compared to €317.1m in 2021.

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