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NEWS 22 November 2019

Playtech warns of “highly challenging” sales conditions in trading update

By Matthew Enderby

Regulated B2B gambling revenue for the first four months of H2 was up 12% year-on-year at Playtech, with the supplier saying it has exceeded its own expectations in the sector.

In its trading update however, Playtech issued a warning to investors and said sales conditions in TradeTech have been "highly challenging during September and October."

By the end of the year, Playtech expects to have launched 40 brands and today announced a further step in the execution of its strategy following the signing of a long-term structured agreement with Wplay.

Playtech will be Wplay’s strategic technology partner and also provide operational marketing services.

Snaitech’s operational performance continues to be strong, according to Playtech, driven by continued outperformance online.

Since the introduction of the advertising ban in July 2019, Snaitech has gained market share. The subsidiary of Playtech also set a record for monthly first-time depositors in September.

In Asia, Playtech expects to generate revenue of €115m ($127m) for the year.

Playtech’s €297m Convertible Bond issue matured on 19 November and was repaid from the proceeds of the €350m 4% senior notes issued in March.

Since the interim results, Playtech has extended its revolving credit facility and increased the total amount available to €317m.

RELATED TAGS: Online | Industry | Sports Betting | Financial | Casino
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