Playtech Reports 11% EBITDA Growth as Snaitech Sale Progresses

Playtech has disclosed its financial outcomes for the year ending December 31, 2024, showcasing an 11% growth in adjusted EBITDA, reaching €480.4 million. The company also recorded a 5% increase in total revenue, amounting to €1.79 billion ($1.93 billion). These positive results were primarily attributed to the robust expansion of Playtech’s business-to-business (B2B) segment, which achieved its medium-term EBITDA target ahead of schedule.

Playtech’s B2B division experienced a 10% revenue growth, reaching €754.3 million, with adjusted EBITDA climbing 22% to €222 million. The company attributed this growth to strong performance in its key markets, particularly in the Americas.

Revenue from the Americas surged 19% to €251.6 million, with the United States and Canada contributing €29.8 million, reflecting a 126% increase compared to 2023. Playtech highlighted successful collaborations with partners such as Hard Rock Digital in New Jersey and Wplay in Colombia. Additionally, Brazil emerged as a strong growth market in anticipation of its reclassification as a regulated jurisdiction in 2025.

Live Casino revenue rose 24% across regulated markets, while software-as-a-service (SaaS) revenue climbed 59% to €80 million. Playtech also expanded its responsible gaming initiative, rolling out its AI-driven BetBuddy tool to seven new brands, now covering a total of 23 brands across 14 jurisdictions.

The business-to-consumer (B2C) sector experienced marginal growth, with revenue rising 2% to €1.05 billion. Sun Bingo and other B2C operations posted a 7% revenue increase to €78.9 million, although affordability checks in the UK impacted profitability, leading to a decline in adjusted EBITDA to €4.5 million.

Meanwhile, HAPPYBET reported an EBITDA loss of €11.8 million, prompting Playtech to initiate the sale of its German business following the closure of its Austrian operations in the latter half of 2024.

Snaitech, categorized as discontinued operations, posted €956.1 million in revenue, reflecting a slight 1% increase. While online revenue improved by 3%, the division’s overall performance was tempered by unfavorable sports betting results.

The planned €2.3 billion sale of Snaitech to Flutter Entertainment remains on track for completion in Q2 2025. Playtech aims to return between €1.7 billion and €1.8 billion of the sale proceeds to shareholders through a special dividend. The company also reported a 49% reduction in net debt, bringing it down to €142.8 million.

Playtech has also restructured its partnership with Caliplay, its joint venture partner in Mexico. The revised agreement, set to take effect on March 31, 2025, establishes long-term fee structures that are expected to support further expansion in the Americas.

Under this new framework, Playtech has set updated financial targets, including a medium-term adjusted EBITDA range of €250 million to €300 million and projected free cash flow of €70 million to €100 million. Additionally, the company secured a new €225 million revolving credit facility, which will replace the existing €277 million facility upon the completion of the Snaitech sale.

Reflecting on Playtech’s progress, CEO Mor Weizer remarked, “2024 was a landmark year for Playtech… Our core B2B business had an outstanding year, achieving the medium-term target we set two years ago ahead of schedule.”

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Playtech has continually evolved since its establishment in 1999. Listed on the London Stock Exchange, the company now operates across 19 countries with a workforce exceeding 7,300 employees. Its diverse portfolio spans casino gaming, live dealer experiences, sports betting, poker, bingo, and virtual sports.

The Playtech ONE platform, which integrates marketing tools, single-wallet functionality, and CRM solutions, remains a cornerstone of its offerings, reinforcing its commitment to responsible gaming and an enhanced user experience.

Source:

“2024 Full Year Results“, investors.playtech.com, March, 2025.