H1 2025: Playtech tracks ahead of expectations after strong half
Summary
Playtech reported a resilient first half of FY25 and says it is on track to exceed full-year expectations after completing the Snaitech disposal and returning €1.8bn to shareholders. Adjusted EBITDA for the six months to June was €92m (in line with upgraded guidance), while revenue fell 10% year-on-year to €387m largely because of new commercial terms with Caliente Interactive.
Excluding the Caliente agreement, adjusted EBITDA rose 5% year-on-year. The group saw rapid growth in North America (US and Canada revenue +64% year-on-year), entered West Virginia as its fourth US iGaming state, and continues to push into Latin America — notably investing in a new live studio in São Paulo as Brazil moves towards regulation.
Key Points
- Adjusted EBITDA: €92m for H1 2025, matching upgraded guidance.
- Revenue: €387m, down 10% YoY, reflecting new Caliente commercial arrangements.
- Snaitech sale completed; €1.8bn returned to shareholders as a special dividend.
- Underlying adjusted EBITDA (ex-Caliente) up 5% YoY.
- North America momentum: revenue in US & Canada up 64% YoY; launched in West Virginia and expanding Live Casino capacity.
- Live Casino growth: +9% H1 overall and +300% in the US; partnership with MGM yields live tables on the MGM Grand floor.
- Management confident on medium-term targets: adjusted EBITDA €250–300m and free cash flow €70–100m; analysts (Peel Hunt) upgraded FY25/26 EBITDA forecasts.
Content summary
The piece outlines Playtech’s operational and financial performance in H1 2025 and the company’s strategic positioning after its transition to a pure-play B2B provider following the Snaitech disposal. It highlights how one-off commercial changes affected reported revenue, while underlying profitability improved. The article also underscores regional growth drivers — notably North America and Latin America — and the importance of Live Casino, amplified by high-profile partnerships and studio investments.
Context and relevance
This result matters because it shows Playtech executing a transformation: converting asset sales into shareholder returns while refocusing on higher-growth markets and products. The strong US performance and Brazil investments reflect broader industry trends — regulated market expansion in LatAm and heavy demand for Live Casino content in newly legalised US states. For investors and B2B partners, the medium-term guidance and analyst upgrades signal improved confidence in cash conversion and growth trajectory.
Author view
Punchy — Playtech’s pivot is delivering cash and momentum. The combination of a big shareholder pay-out, continued margin resilience and rapid North American growth makes this more than a routine results story. If you follow gaming tech or investor returns, dig into the detail.
Why should I read this?
If you’re short on time: Playtech just proved its refocus to B2B isn’t just talk — it’s producing cash and fast growth in the US. We’ve read the numbers so you don’t have to; if you work in iGaming, payments or investment, this one affects market dynamics and partnerships coming into 2026.
Source
Source: https://next.io/news/results/h1-2025-playtech-tracks-ahead-expectations/