Playtech Reports €105.1m Net Profit for FY2023
Date: 2024-03-28 Author: Dima Zakharov Categories: TECHNOLOGY
Revenue Growth and Operational Progress
Playtech has disclosed its financial performance for the fiscal year 2023, revealing a surge in revenue and adjusted EBITDA. The company's revenue from continuing operations rose by 6.6%, reaching €1.71 billion. This growth was fueled by both its B2B and B2C segments, showcasing operational progress across the board.
US Expansion Highlights
CEO Mor Weizer emphasized the company's expansion efforts in the United States, a key highlight of 2023. Notable achievements include the establishment of a third live casino facility in Pennsylvania and the expansion of its license count to 11, with more applications in the pipeline.
Record-Breaking B2C Revenue
Playtech's B2C division achieved a milestone, surpassing €1 billion in revenue for the first time. Weizer singled out Snaitech's performance, underscoring its strategic positioning to capitalize on the online market's growth potential.
Legal Dispute with Caliplay
Amidst its revenue growth, Playtech faces a legal dispute with Caliplay, its Mexican partner. The disagreement, which surfaced in October 2023, revolves around unpaid fees and contractual obligations. Playtech remains committed to resolving the issue amicably.
Analyst Insights and Future Prospects
Despite challenges, analysts commend Playtech's strategic advancements and operational resilience. Neil Shah from Edison Group acknowledges the company's robust performance in the US market and underscores the significance of its strategic partnerships.
Looking Ahead
Playtech is optimistic about its future prospects, setting ambitious targets for both its B2B and B2C segments in the medium term. With a solid start to 2024, the company remains confident in its ability to execute its strategy and deliver value to shareholders.
