Playtech outrides hazardous 2020 ahead of consensus 

Playtech Plc has published a trading update informing investors that its full-year 2020 corporate performance is expected to be ‘ahead of market consensus’.

The FTSE250 technology group anticipates reporting a ‘solid financial performance for 2020’ through delivering an adjusted EBITDA expected to be ‘at least €300 million’.

Providing a review of its  2020 activities, Playtech underlined that the company had achieved critical strategic progress in core areas against the backdrop of the COVID-19 global pandemic. 

Commercial highlights saw the company enter the US wagering market after securing new technology agreements with bet365 and Entain in New Jersey.

In addition, Playtech has continued to expand its LatAm market presence through the strong growth of its partnership with Mexican market leader Grupo Caliente and new launches in Colombia with Wplay.

Operationally, Playtech underscored the strength of its core B2B unit, which reported significant growth across casino, live gaming, poker and bingo.

Strong B2B gaming growth maintained the group’s performance as its sports B2B units were disrupted by retail closures and sports interruptions during the year.

Despite facing significant hurdles, Playtech reported that its Italian B2C asset Snaitech mounted an H2 comeback closing 2020 trading.

2020 also saw Playtech continue to streamline its technology assets as the company refocused its business on real money gambling, resulting in the $10 million sale of its former YoYo Games social gaming unit.

Closing its trading statement, Playtech governance disclosed that the FTSE firm continues to be in discussions regarding the possible sale of its Financials division Finalto.

A statement read: “Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains highly uncertain, Playtech remains well placed to make further strategic and operational progress in 2021.” 

   

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