A robust start to 2023 has Playtech set to outperform its initial earnings forecasts. The gaming technology leader’s adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation) is predicted to surpass earlier estimates.
Strategic Progress and Growth Across the Board
Playtech has been in overdrive in the first trimester of 2023. The tech giant reported substantial advancement across both its B2B and B2C divisions in a recent trading update. Growth in its Snaitech and Caliente businesses played a significant role in this development.
The B2B segment experienced a surge in its presence in Latin America. Caliente continued to expand and fortify its standing in Mexico. In the US, Playtech amplified its strategic footprint, acquiring a minority equity stake in Hard Rock Digital for a cool £68.3m.
Flourishing Live Casino and SaaS Businesses
Playtech’s live casino within the B2B arena has seen a promising upswing during this period. Simultaneously, the SaaS (Software as a Service) business maintained its momentum, securing revenue growth, launching new features, and attracting fresh clientele.
On the B2C front, Playtech reported commendable performance, largely propelled by the success of its Snaitech business. The resumption of football post-World Cup, coupled with pent-up demand, especially in the retail segment, saw robust growth. Playtech’s online business also continued its upward trajectory.
Playtech Winning Streak: Implications for the iGaming Industry
This projection of outperforming forecasts brings several implications for the iGaming industry:
- Benchmark for Industry Performance: Playtech’s strong start sets an encouraging trend for other players in the iGaming sector.
- Expansion Opportunities: Playtech’s successful expansion into new regions indicates a promising landscape for other businesses to explore, as more goes appear to be relevant, as per 2023 igaming trends.
- Investment Attraction: This positive development could potentially attract more investments in the iGaming sector.
Playtech’s chief executive, Mor Weizer, remains bullish, focusing on regulated markets and leveraging Snaitech’s performance in Italy. “We remain well-positioned to capitalise on significant growth opportunities ahead,” he said. Playtech’s prosperous beginning to 2023 indeed signals a promising year ahead for the global iGaming industry.