Playtech's "strong performance" down to B2B performance, says analyst

Edison Group has commented on the reported growth of Playtech’s annual revenue.

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Following the release of Playtech’s annual 2022 report, the investment research and consultancy firm made statements regarding the figures.

Neil Shah, Director at Edison Group, said: “This morning’s results show impressive growth in both revenues and earnings for Playtech, the provider of platforms, content and services for the online gambling industry.

“The company's annual report highlighted a 33% increase in revenue from continuing operations, reaching €1.6bn ($1.7bn), while adjusted earnings before tax, interest, depreciation and amortisation climbed 28% to a record €405.6m.”

Playtech announced record revenue and adjusted earnings in its B2B markets.

The revenue growth in the Americas was 43%, and 31% in Europe ex-UK, with leading contributions from the Netherlands.

Playtech’s B2C business was enabled by Snaitech in Italy, which saw revenue growth of 54% in 2022.

Snaitech is the concessionary for managing authorised games in Italy, with over 1,560 points of sale across the country.

The subsidiary of the company also offers sports betting, slots, lottery and virtual sports through its multichannel technology.

Snaitech also owns three racetracks, Snai San Siro and Snai La Maura in Milan, and Snai Sesana in Tuscany.

Shah continued: “This strong performance can be attributed to robust demand in Playtech's business-to-business markets, particularly in regulated segments, which saw a 14% year-on-year growth with revenues of €632.4m.

“Additionally, the company's business-to-consumer segment, which includes Italian sports betting and gaming firm Snaitech, experienced a significant 48% surge in revenues, totalling €983.1m.

“Overall, these results demonstrate Playtech's thriving position and represents a notable start to the year.”

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