Playtech business update highlights solid 2024 performance to date

May 22, 2024 7:50 PM
Photo: CDC Gaming Reports
  • Mia Doyle, Special to CDC Gaming Reports
May 22, 2024 7:50 PM
  • Mia Doyle, Special to CDC Gaming Reports
  • Europe
  • United States
  • Mexico

Gambling software developer Playtech has issued a trading update covering its performance in the first four months of 2024, reporting that despite the effect on revenues by what was defined as customer-friendly sporting results, the company enjoyed a solid performance for the period.

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The company expressed confidence in the medium-term growth opportunities for its business to business and business to consumer divisions. The B2B division saw strong performance, fueled by revenue growth in regulated markets and advantages from improved cost control.

“Growth in regulated markets was led by the Americas with the U.S. and Canada increasing their contribution, albeit from a small base, while Mexico and Colombia continue to perform well,” Playtech said.

In the B2C realm, Playtech highlighted growth in Italy through its Snaitech brand. Despite tough comparatives from 2023, Snaitech showed strong performance, benefiting from wagers in online and retail betting segments, albeit offset by player-friendly sporting results.

“Given the strategic progress being made across the business, the board remains confident in Playtech’s ability to execute on the exciting growth opportunities across both B2B and B2C divisions over the medium term,” Playtech said.

Playtech also addressed its ongoing dispute with Mexican gambling site Caliplay, which is seeking to end its relationship with Playtech, having launched legal proceedings in October. Playtech emphasized Caliplay’s importance as a customer and is maintaining an open dialogue to resolve the issues, although challenges with fee collection and financial transparency persist.

Playtech is traded on the London Stock Exchange with a share price of just less than £500 ($636). The company’s stock price has risen by more than 14 percent over the past six months.