Playtech records strong B2B growth riding on calmer global tides

Playtech Plc has maintained confidence in delivering on its full-year financial targets and corporate objectives, as the FTSE250 technology group secures a series of positive outcomes during the first-half of 2021 trading. 

Updating investors, Playtech outlined that group performance was in-line with expectations since the last trading update published on 26 May 2021, as the group cites ‘very strong online growth’.

Growth of its B2B contracts for Caliente Mexico and Snaitech Italia’s online unit helped the company offset longer than anticipated retail closures – in which its Snaitech subsidiary returned to operating all retail units from mid-June onwards.

B2B growth was secured alongside a ‘stable trading period’ for Playtech’s Asian contracts – a unit that has dragged previous Playtech trading quarters.  

H1 trading saw Playtech continue to expand its commercial pipeline, securing its first US multi-state deal with the Greenwood Company, the operating firm of Parx Casino, a partnership which subsequently launched in Michigan with further launches planned later in 2021 and 2022.

Further positives saw Playtech expand its technology agreement with Holland Casino ahead of the launch of the Netherlands’ new online gambling marketplace on 1 October. Additionally, Playtech expanded its commercial capacity by entering a new global distribution agreement with Scientific Games.

Ahead of publishing its interim results on 23 September, Playtech will issue a ‘supplementary circular’ informing investors on the ongoing sale of the firm’s Finalto FX trading unit.

A Playtech statement read: “Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains uncertain with the possibility of further unexpected lockdowns, given the strong H1 performance and the momentum within the business, the Board is confident of the Company’s prospects for the remainder of 2021 and beyond.”

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