The B2B gambling segment grew by 19% to €267.2, driven by revenue growth from Caliente in Mexico, as well as strong growth in other regulated markets such as Colombia, Poland, Italy, and Greece. There was expansion in the US, with Parx Casino launching online casino in Michigan on Playtech’s IMS Platform and Player Account Management software in April. Revenue from the Americas increased to €46.4m, which was up 106% at constant currency.
UK revenues saw a decline of 10% to €59.6m, which was largely driven by retail closures as a result of the COVID-19 pandemic. Retail closures, which were in place for the majority of the period, significantly impacted Playtech’s B2B sports business which is heavily weighted towards retail via its self-service betting terminals (SSBTs).
Playtech’s B2B growth in revenues from unregulated markets excluding Asia came from Canada and Brazil, with Asian revenue increasing by 6%.
The B2C gambling segment fell by 22% to €196.6m, due mainly to retail closures in Italy impacting its Snaitech subsidiary.
Adjusted EBITDA was at €124.1m for the period, which was up 13% and 14% on a constant currency basis. The group said adjusted EBITDA increasing, in contrast to the decrease seen in revenue, was due to the strong performance of the higher margin online business both under B2B and B2C, which also resulted in the period-on-period increase in the adjusted EBITDA margin from 23% in 2020 to 27% in 2021.
Mor Weizer, Playtech’s chief executive, commented: “I am delighted by our strong strategic and operational progress to date in 2021, despite the ongoing challenges posed by the pandemic. These results demonstrate the quality of our technology and products, the significant progress made against our strategic priorities, and wider momentum across Playtech’s operations.”
“Looking forward, given the strong H1 performance, the momentum in the business and the easing of lockdown restrictions, we are confident of Playtech’s prospects for the remainder of 2021 and beyond,” Weizer added.
Looking ahead, Playtech has started the licensing process in additional US states and said it will continue to increase its investment in the US market. The group also said it is progressing on plans to develop a new Live Casino facility in Peru as it continues to expand its presence across Latin America.
Source: GMB / iGB