Amended Caliente agreement hits revenue at Playtech in H1
Summary
Playtech reported revenue of €387m for the six months to 30 June 2025, a 10% year-on-year drop driven largely by an amended agreement with Mexico-facing operator Caliente that altered payments from the Caliplay joint venture. The revised deal removed an additional B2B services fee, knocking overall reported B2B revenue down to €347.6m (a 9% fall). Excluding the Caliente effect, B2B was up 3% year-on-year.
Regional performance was mixed: Latin America fell sharply (down 32% to €87.7m), the UK dipped modestly, Europe rose 4% to €102m, and US & Canada jumped 64% to €21.8m thanks to stronger wallet share and launches with major brands. Playtech completed the €2.3bn sale of Snaitech to Flutter and disposed of HappyBet as it pivots back to a pure-play B2B model.
B2C revenue was €41m (down 17%), hurt by the disposals and tighter UK affordability checks reducing player activity. Reported EBITDA was €12.9m (well down), adjusted EBITDA €91.6m (down 16% but in line with expectations). Pre-tax loss was €58.8m, and continuing-operations loss after tax €78.1m; when including the one-off Snaitech proceeds the headline net profit was €1.58bn. Adjusted net profit (excluding one-offs) was €93.1m, marginally ahead of last year. Playtech retained FY25 adjusted EBITDA guidance of €250–300m and flagged ongoing investment in the US and Brazil despite some LatAm headwinds.
Key Points
- Group revenue for H1 2025: €387m, down 10% YoY, primarily due to amended Caliente agreement affecting Caliplay JV payments.
- B2B revenue fell 9% to €347.6m; excluding the Caliente impact B2B was up 3% YoY.
- Latin America B2B revenue down 32% to €87.7m; Europe +4% (€102m); US & Canada +64% (€21.8m).
- B2C revenue €41m, down 17% YoY, impacted by disposals (HappyBet) and UK affordability/verification measures.
- Major strategic moves: sale of Snaitech to Flutter (~€2.3bn) and exit of non-core B2C assets as Playtech refocuses on B2B.
- Adjusted EBITDA €91.6m (down 16%); adjusted net profit €93.1m (slightly ahead of prior year after stripping one-offs).
- Guidance retained: FY25 adjusted EBITDA €250–300m; expansion focus on the US and Brazil, with some regulatory/headwind risk in parts of LatAm.
Why should I read this?
Quick and blunt: if you follow iGaming suppliers, investors or market shifts, this matters. The Caliente tweak makes the headline numbers look weaker than the business underneath, a huge one-off sale padded the bottom line, and Playtech’s rejig towards B2B changes who wins as the market consolidates. Worth a skim if you want the essential moves without wading through the full results statement.
Author’s take
Punchy: The results are a classic mix of one-offs and structural change. Don’t be fooled by the top-line drop – underlying B2B momentum and the Snaitech disposal give Playtech firepower to push into priority markets (US, Brazil). But watch LatAm regulation and UK affordability checks – they are real near-term headwinds for B2C revenue.
Context and relevance
This update is important because it highlights two big sector trends: the shift of legacy suppliers back to pure-play B2B models and the outsized effect of regulation and commercial restructures on reported revenue. The Snaitech sale is a major M&A outcome that reshapes Playtech’s balance sheet, while the Caliplay agreement shows how JV terms can materially alter reported performance. For operators, investors and competitors, the H1 results signal where growth capital and strategic focus will go next – primarily product and market expansion rather than retail-facing B2C.