H1 2025: Playtech tracks ahead of expectations after strong half
Summary
Playtech reported a strong first half of 2025 and says it is on track to exceed full-year expectations after completing the Snaitech sale and returning €1.8bn to shareholders. Adjusted EBITDA for H1 was €92m, in line with upgraded guidance, while revenue fell 10% year-on-year to €387m driven by new commercial terms with Caliente Interactive. Excluding Caliente, adjusted EBITDA rose 5% year-on-year.
The business is now a pure-play B2B supplier and is seeing rapid growth in North America (US and Canada), with revenue up 64% year-on-year in those markets following FY24 launches. Live casino is a key growth area – revenue grew 9% overall and more than 300% in the US – helped by partnerships such as its MGM Resorts studio deployment. Playtech highlighted Latin America, especially Brazil, as a strategic growth market and is investing in a new live studio in São Paulo. Management reaffirmed medium-term targets of €250m–€300m adjusted EBITDA and €70m–€100m free cash flow.
Key Points
- Adjusted EBITDA for H1 2025: €92m, matching upgraded guidance.
- Revenue down 10% to €387m due to new Caliente commercial arrangements.
- Excluding Caliente, adjusted EBITDA increased 5% year-on-year.
- North America (US & Canada) revenue up 64% after FY24 market launches; Playtech entered West Virginia.
- Live casino remains a major growth driver: +9% H1 and +300%+ in the US, aided by MGM Resorts partnership.
- Investing in Latin America with focus on Brazil, including a new live studio in São Paulo.
- Board confident on medium-term targets: €250m–€300m adjusted EBITDA and €70m–€100m free cash flow.
Context and relevance
This result marks Playtech’s transition into a focused B2B operator post-Snaitech sale and signals that management’s strategic shift is delivering improved profitability and geographic expansion. The strong US performance and live casino momentum are particularly relevant for operators and investors tracking sector growth in regulated North American markets. The company’s push into Brazil also aligns with broader industry moves into LatAm as regulation advances.
Why should I read this?
Quick take: if you follow igaming stocks, supplier performance or market expansion into the US/LatAm, this is worth a skim. Playtech’s numbers show the business is stabilising after a major corporate reshuffle and starts to cash in on live casino demand — so it matters for investors, partners and competitors alike.
Author style
Punchy: the piece cuts to the figures and the strategy. If you care about where growth is coming from (Live Casino, North America, Brazil), read the detail — it explains why analysts nudged forecasts up and why Playtech may outperform peers this year.
Source
Source: https://next.io/news/results/h1-2025-playtech-tracks-ahead-expectations/