Playtech releases optimistic Q1 statement

May 24, 2023
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The supplier plans to grow in B2B and B2C sectors, and outlines changes within its Board.

Playtech, software development company, has reported its Q1 progress after a divisional review. The supplier states that it is advancing toward strategic objectives for the year across both B2B and B2C divisions of the company.

The Q1 report referencing particular “continued strong growth” from Playtech’s brands Snaitech and Caliente. The Playtech Board of Directors also plans for 2023 adjusted EBITDA to somewhat surpass current expectations.

HappyBet, a sports betting platform, also has measures in place to reduce its EBITDA loss. It has already made a slight reduction year-on-year.

Highlights for the quarter included expanding into Latin America, with Caliente, as well as further developing its market presence in Mexico. A partnership with Hard Rock Digital was signed in March, with the intention to deepen Playtech’s reach within the US. Playtech has invested $85m as part of this agreement.  

Snaitech drove B2C performance, especially during football season following the World Cup. Both the retail and online segments saw growth, with Live Casino also gaining momentum.

The Playtech Board of Directors also announced changes within its structure as part of the report. Ruby Yam will join from June 1st as an Independent Non-executive Director. However, John Krumins will step down from his role after Playtech interim results are published in September.

Playtech CEO Mor Weizer said: “I am delighted to report that our strong start to the year has continued, with growth across both the B2B and B2C divisions.

“Our strategy of focusing on regulated or soon-to-be regulated markets, combined with Snaitech's impressive performance in Italy, means we remain well-positioned to make further progress and capitalize on the significant growth opportunities ahead.”

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