The company signed a landmark agreement with Hard Rock Digital in Q1 2023, accelerating the strategy in United States and providing growth opportunities globally.
“2022 was a year of considerable strength for Playtech, in which we delivered record revenues and EBITDA, ahead of market expectations,” said Mor Weizer, CEO. “All parts of the business contributed to this performance, with B2B powered by Europe (ex-UK) 3 Sensitivity: Internal and the Americas, and B2C’s impressive performance underpinned by Snaitech’s continued strength in the Italian market in both retail and online.”
Gambling saw very strong growth within regulated markets helped to deliver total B2B revenue of €632.4 million in 2022, growing 14 per cent (up 11 per cent at constant currency). B2B Adjusted EBITDA was €160.2m compared to €139.2m in 2021, achieved against the backdrop of the war in Ukraine where Playtech employs over 700 colleagues (10 per cent of its workforce).
Europe excluing the UK grew 31 per cent at constant currency to €184.6m driven primarily by Netherlands with strong contributions from Poland, Spain and Ireland.
Americas continued to perform well with revenues of €144.7m and 27 per cent constant currency revenue growth. Caliente in Mexico remained a key driver of strong revenue growth while the Brazil market also performed very well in 2022 and offers significant opportunity going forward, as this market moves towards regulation.
Live Casino continued to see good revenue growth with a strategically important facility opened in Peru in H1 that will help continue to drive future growth in the region.
Asia revenue declined 18 per cent due to competitive pressures and the impact of lockdowns in parts of the region in the period, while the company incurred a bad debt provision of €15.4m due to collection delays, recognized in H1.
“Strategically we have also continued to deliver, executing the successful sale of Finalto continuing our simplification strategy, and making great progress in North America with the launch of the IMS platform with Parx Casino in Pennsylvania and having signed several significant new deals including Golden Nugget, WynnBET, Resorts and 888 Casino,” said Mor Weizer, CEO.
Total B2C revenue (including Snaitech and white-label) grew 48 per cent year on year to €983.1m. Adjusted EBITDA was €245.4m compared to €177.9m in 2021.
The macroeconomic outlook remains uncertain given geopolitical and inflationary pressures. Despite this, Playtech has had a strong start to 2023, driven by Snaitech and Caliente and highlighting the resilience of Playtech’s increasingly diversified portfolio. Playtech has announced a new medium term Adjusted EBITDA target for B2B of €200m to €250m. Snaitech medium term Adjusted EBITDA guidance maintained at €300m to €350m.
The strength of the balance sheet is further improved by strong cash generation and proceeds from sale of Finalto; financial position gives flexibility for future shareholder distributions and M&A.
Given the strong performance in 2022, and momentum within the business, the Board remains confident in Playtech’s ability to execute on growth opportunities across both B2B and B2C divisions.
“We have started the new financial year well and announced the signing of the landmark transaction with Hard Rock Digital, and in spite of the continued macro-economic and political uncertainty, remain confident in our future prospects, as well as our ability to deliver value to all our stakeholders in a sustainable and responsible way,” said Mor Weizer, CEO.
“I would like to take this opportunity to thank my colleagues and partners for their continued dedication and support. In particular, I’d like to acknowledge the bravery of our colleagues in the Ukraine and praise the work of our crisis management team, who have worked tirelessly to support our Ukrainian colleagues and their families.”
Source: GMB / G3 Newswire
