Key points:
- Adjusted EBITDA rose 11% year-on-year to €480.4m
- B2B revenue increased 10% to €754.3m, with EBITDA up 22%
- Sale of Snaitech to Flutter expected to complete in Q2 2025
Playtech has reported its financial results for the year ending 31 December 2024, showing an 11% year-on-year rise in group adjusted EBITDA to €480.4m and a 5% increase in total revenue to €1.79bn ($1.93bn).
The growth was reportedly driven by strong performance in its core B2B segment, which reached its medium-term EBITDA target ahead of schedule.
Strong performance in B2B core markets
Playtech’s B2B division posted a 10% increase in revenue to €754.3m and a 22% rise in adjusted EBITDA to €222.0m. The company cited broad-based growth across its core markets, with particular momentum in the Americas.
Revenue from the Americas grew 19% to €251.6m, with the US and Canada contributing €29.8m – up 126% from 2023.
Playtech highlighted progress with partners including Hard Rock Digital in New Jersey and Wplay in Colombia. Brazil was also noted for strong growth ahead of its expected reclassification as a regulated market from 2025.
Live Casino revenue grew 24% in regulated markets and SaaS revenue reached €80m, a 59% increase. The group also launched its BetBuddy safer gambling tool with seven new brands, bringing its total reach to 23 brands across 14 jurisdictions.
B2C operations remain stable amid restructuring
B2C revenue rose slightly by 2% to €1.05bn. Sun Bingo and Other B2C operations saw revenue increase by 7% to €78.9m, while adjusted EBITDA declined to €4.5m due to affordability checks in the UK.
HAPPYBET recorded an EBITDA loss of €11.8m and Playtech has commenced a sale process for its German business following the closure of its Austrian operations in H2 2024.
Snaitech sale to return capital to shareholders
Snaitech, now classified as discontinued operations, generated €956.1m in revenue – a 1% increase. While online revenue grew 3%, customer-friendly sports results weighed on overall performance.
Playtech confirmed the planned €2.3bn sale of Snaitech to Flutter Entertainment remains on track to complete in Q2 2025.
Playtech intends to return between €1.7bn and €1.8bn of the proceeds to shareholders via a special dividend. Net debt was reduced by 49% to €142.8m.
Caliplay agreement revised
A revised strategic agreement with Caliplay, Playtech’s Mexican joint venture partner, is expected to take effect on 31 March 2025. The update provides clarity on long-term fee structures and is anticipated to support growth in the Americas.
The new structure underpins Playtech’s updated financial targets: a medium-term adjusted EBITDA range of €250m–€300m and free cash flow of €70m–€100m. A new €225m revolving credit facility has also been agreed, replacing the existing €277m facility once the Snaitech sale completes.
CEO Mor Weizer stated: “2024 was a landmark year for Playtech… Our core B2B business had an outstanding year, achieving the medium-term target we set two years ago ahead of schedule.”
Good to know: Gambling Insider exclusively spoke with Playtech CEO Mor Weizer following the results release – that interview can be read in this week’s GI Friday
Past news
In September 2024, Playtech agreed to sell Snaitech to Flutter for €2.3bn as part of its strategic shift to focus on B2B operations. Earlier in the year, the company reported a 42% rise in H1 B2B revenue from the Americas and launched BetBuddy, its AI-led responsible gambling tool. Playtech also reported 11% adjusted EBITDA growth in H1 2024 and reduced net debt to €225.5m.
