Playtech posts 11% rise in adjusted EBITDA for H1 2024, driven by B2B expansion

Playtech reported an 11% rise in adjusted EBITDA to €243 million ($271 million) for the first half of 2024, as the company’s strategic focus on its B2B operations bolstered its financial performance. Revenue increased 5% year-on-year to €906.8 million ($1 billion), driven primarily by its thriving B2B segment.

Playtech's B2B division saw a 14% growth in revenue to €382.2 million, with adjusted EBITDA surging 38% to €112.3 million. The Americas region played a significant role, with revenue up 42%, bolstered by partnerships with operators including Caliplay, Wplay in Colombia, and Parx in the U.S.

“We’ve executed our strategy to grow and improve the B2B business, delivering broad-based growth with strong contributions across our key markets,” said Playtech CEO Mor Weizer.

Meanwhile, Playtech’s B2C division reported flat revenues at €532.4 million. Its Italian subsidiary, Snaitech, experienced a 1% decline in revenue to €483.6 million, primarily due to customer-friendly sporting results.

As part of its ongoing strategy to concentrate on B2B, Playtech has agreed to sell Snaitech to Flutter Entertainment for €2.3 billion ($2.5 billion). The sale, expected to close in the second quarter of 2025, will return between €1.7 billion and €1.8 billion to shareholders. 

“Snaitech has been a key part of Playtech’s growth in recent years, and the team delivered another solid performance in the first half,” Weizer noted.

Playtech also reduced its net debt by 9%, bringing it down to €225.5 million. The company expects full-year 2024 adjusted EBITDA to exceed market expectations, driven by its successful B2B expansion, particularly in the U.S. and Canada.

“We are excited about what the future holds for the remaining Playtech business, and we see plenty of opportunities ahead of us,” Weizer added.

The company’s presence in North America grew by over 200% compared to H1 2023, buoyed by partnerships with major operators such as Rush Street, BetMGM, and DraftKings.

Playtech previously divested its financial division, Finalto, to Gopher Investments for $250 million over two years ago, as it continues to streamline its focus on B2B operations.