Snaitech acquisition boosts Playtech H1 revenue

By Nathan Joyes

Playtech reported a 69% year-on-year growth in revenue year-on-year to €736.1m ($817.4m) for H1 2019.

Italian operator Snaitech was the group’s standout performer in H1, with 26% growth in adjusted EBITDA to €74.7m, excluding gambling tax headwinds and the impact of the 2018 Fifa men's World Cup.

Playtech bought a 70.6% stake in Snaitech in June 2018 for €291m. For H1 2018, Playtech's revenue increased just 4% to €436.5m.

The supplier’s core B2B gambling revenue growth increased 11% in regulated markets outside the UK, while sports grew  27%, aided by hardware sales.

The B2B side of the business announced a multi-year extension with News UK to operate Sun Bingo in 2018, which saw a 20% revenue growth to €17.5m.

Elsewhere, Playtech’s adjusted net profit fell 15% to €83.3m and reported net profit was down 85% to €16.8m, while total dividend per share fell 50% to €6.1.

Playtech’s agreement signed in H1 with GVC Holdings saw the supplier extend its relationship across GVC’s portfolio in the UK, Italy, Spain, Greece and Brazil.

At present, Asia is expected to contribute approximately €115m in revenue for 2019, down €35m from what was originally predicted at the start of the year.

Alan Jackson, Chairman of Playtech, said: “In our B2B business double-digit growth in regulated markets outside of the UK has been accompanied by landmark new licensee wins in key regulated markets, laying the foundations for future growth.

“In our B2C business Snaitech continues to go from strength to strength demonstrating impressive growth momentum in a key market.”

Read Gambling Insider’s exclusive interview with Playtech CEO Mor Weizer, discussing the supplier's H1 2019 results, later today.


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