Playtech expects adjusted EBITDA of at least €90 million for the first half of 2025—a steep drop from €243 million a year earlier. The decline reflects the company’s ongoing transformation, including the sale of consumer-facing operations and a tighter focus on its business-to-business model.
The forecast factors in losses from HappyBet, now sold, and excludes any contribution from Snaitech, the Italian B2C giant Playtech divested in April. Despite the headline drop, the company pointed to steady performance in its core B2B division and a strong showing from Caliente Interactive, its Mexican joint venture.
Streamlining Around B2B
The shift away from B2C marks a major realignment. Playtech completed the sale of HappyBet to NetX Betting in late May, just a month after Flutter Entertainment finalized its €2.3 billion acquisition of Snaitech. With both sales closed, Playtech has now fully exited the B2C sector.
Management says the reset frees up resources to focus on tech development, deepen client partnerships, and extract more value from existing contracts. CEO Mor Weizer called the Snaitech deal “transformational,” noting it clears the way for long-term shareholder returns and a more focused business model.
Caliente Delivers First Dividend
A bright spot in the first half came from Caliente Interactive. The Mexican brand delivered better-than-expected results during Q2, boosted by strong sports betting margins. More significantly, Playtech received a dividend for the first time under a new arrangement that took effect in March.
The revised agreement resolved prior disputes and gave Playtech a 30.8% equity stake in Caliente, replacing earlier B2B service fee payments with dividend entitlements. Playtech also received $140 million in unpaid fees as part of the restructuring and has the option to increase its equity stake under certain conditions.
Global Growth Push Continues
Despite challenges in Latin America—including regulatory headwinds in Brazil and a temporary VAT hit in Colombia—Playtech is moving ahead with its expansion plans. The US remains a key focus, with recent progress marked by a West Virginia launch in June—its fourth regulated iGaming state.
Playtech has also signed fresh B2B deals with BetMGM, DraftKings, and Hard Rock Digital, strengthening its position in North America. The board reaffirmed its confidence in the company’s strategy, stating it remains “very confident in Playtech’s ability to execute” as a B2B-first business.
Execs Awarded Equity Under Transformation Plan
To align leadership with the company’s long-term goals, Playtech has granted incentive awards to top executives under its approved Transformation Plan. The awards include conditional rights tied to future dividend values and market capitalization.
CEO Mor Weizer received 3,000 units—30% of the pool. CFO Chris McGinnis received 1,000, while COO Shimon Akad and VP of Business Development Uri Levy each received 950.
These units may convert into shares after a five-year performance period starting April 30, 2025, contingent on targets around EBITDA and cash flow. Executives must remain with the company to qualify.
The plan was greenlit by shareholders in December 2024 and follows the completion of the Snaitech sale, underscoring Playtech’s renewed focus on performance-driven growth.