Figures: Key Acquisition Snaitech and Expansion in the Americas Spurs Sterling Playtech H1 Performance
Published September 24, 2022 by Lee R
Playtech has shown robust H1 growth from effective expansion and the key Snaitech acquisition.
Leading gaming group Playtech is pleased to report it has outperformed all targets for 2022 H1.
Exceeding Expectations
Spurred by B2B growth as well as holding Snaitech’s record performance, Playtech achieved gains in revenue and acquisitions which outshined all projections.
Revenue and EBITDA
Playtech’s H1 report through June 30 of this year showed year-on-year gains in revenue of up 73% (€792.3m). Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) were up a robust 64% year-on-year (€203.8m), and adjusted post-tax profit was up 73% (€94.3m).
Profits
Estonia-based Playtech’s reported tax profit of €71.4m was robust, though it represented a drop from 2021’s H1 spiking total of €401.9m when growth was spurred by the once-in-a-lifetime expansion into recently opened North American territories.
Playtech Chief Speaks
Playtech Chief Executive Mor Weizer expressed his delight with the results, calling the numbers a “positive start that the group has made in the first half of 2022, delivering a financial performance ahead of our expectations with significant strategic and operational progress made against our objectives.”
Strategic Growth
Weizer acknowledged the power of B2B business in both the US and Europe contributing to these results as well as the Snaitech acquisition.
Expansion Initiatives
Weizer further credited the expansion in the US, where progress bolstering the H1 numbers included strategic launches in jurisdictions such as Pennsylvania with Parx Casinos, and more deals inked with “leading global and US brands and progressing additional licence applications.”
Progress in the Americas
Weizer cited progress made overall in the Americas, where both South America and North America have recently started to legislate and regulate iGaming en masse:
“The Americas remain one of the group’s biggest growth drivers, with continued strong revenue growth in Mexico as well as Brazil complemented by new launches and partnerships in the US, Canada, and Peru.”
Snaitech’s Contribution
The encouraging expansion was supplemented by the amazing rise of Italy-based Snaitech to provide a two-pronged dragon of growth driving. Snaitech turned in a whopping 182% year-on-year revenue jump to €446.0m, a total whose robustness surpassed the last pre-Covid year of 2019 as well.
B2C
Snaitech’s white-label B2C offering including Sun Bingo drove total B2C gaming revenue up 148% year-on-year to €487.3m and EBITDA up 143% to €126.6m.
B2B
B2B revenue at Playtech was also up in H1 2022, garnering €312.0m in the first half of the year for growth of 17% (13% at constant currency).
Outlook
