Playtech Reports 2024 Results with Strong B2B Performance and Snaitech Sale Progress

Playtech has released its full-year results for 2024, showcasing strong performance across its business segments. The company reported total revenue of €1.79 billion, reflecting a 5% increase compared to 2023. Adjusted EBITDA reached €480.4 million, marking an 11% rise year-over-year and exceeding market expectations. The B2B segment played a critical role in this growth, delivering €222 million in adjusted EBITDA, representing a 22% increase from the previous year.

Despite these strong financial results, Playtech recorded a reported post-tax loss of €23.9 million, a significant downturn from the €105.1 million post-tax profit achieved in 2023. This was largely attributed to non-cash adjustments and one-off expenses. However, adjusted post-tax profit grew by 42% to €223.5 million, reflecting the company’s strong operational performance and profitability before accounting for these exceptional items.

B2B Growth and Strategic Expansion Playtech’s B2B operations demonstrated exceptional growth in 2024, reaching the company’s medium-term EBITDA target of €200 million to €250 million ahead of schedule. Latin America remained a key driver of success, particularly in Colombia, where Wplay continued to expand its market share. The U.S. and Canadian markets also contributed to Playtech’s upward trajectory, with growing partnerships and new market entries solidifying the company’s presence in North America.

A major milestone for Playtech’s B2B strategy was its partnership with MGM Resorts International. This collaboration allows Playtech to stream live dealer games from prominent MGM-owned venues such as the Bellagio and MGM Grand, enhancing its competitive position in the live casino segment. The strategic partnership underscores Playtech’s commitment to innovation and leadership in the online gaming sector.

Snaitech Sale Expected to Close in Q2 2025

One of the most significant developments for Playtech in 2024 was the agreement to sell its Snaitech division to Flutter Entertainment for €2.3 billion. The transaction, pending regulatory approvals, is expected to be finalized in the second quarter of 2025. Upon completion, Playtech intends to return between €1.7 billion and €1.8 billion to shareholders through a special dividend.

Snaitech’s financial performance remained stable throughout 2024, though early-year sports betting results were affected by customer-friendly outcomes. Nonetheless, the Italian operator maintained a strong foothold in both retail and online markets, positioning itself as a key player in Italy’s regulated gambling industry.

Playtech significantly improved its financial standing by reducing net debt by 49% to €142.8 million. The company also secured a €225 million five-year revolving credit facility, which will replace its current €277 million facility following the Snaitech sale. Additionally, Playtech repaid €200 million of its €350 million bond due in March 2026, with plans to fully repay the remaining balance after the transaction’s closure.

Future Outlook and Strategic Goals

Playtech aims to sustain strong momentum in its B2B operations. The company has set a new medium-term adjusted EBITDA target ranging from €250 million to €300 million for its continuing business. Additionally, Playtech introduced a free cash flow target of €70 million to €100 million, reinforcing its commitment to financial discipline and growth.

CEO Mor Weizer expressed optimism about Playtech’s transition to a fully B2B-focused model, stating, “2024 was a landmark year for Playtech. The sale of Snaitech allows us to focus on our core strengths, and our new agreement with Caliplay provides a solid foundation for future growth. We are well-positioned to seize new opportunities in expanding markets.”

With a strong balance sheet, Playtech is strategically positioned to explore both organic growth initiatives and potential acquisitions. The company remains focused on shareholder returns while enhancing its market presence through innovation and expansion into high-growth regions. Playtech’s leadership is confident in its ability to deliver long-term value as it moves forward in its evolution as a standalone B2B entity.

Source:

‘’Results for the year ended 31 December 2024’’, Playtech.