Playtech confirms Americas business as biggest growth driver in H1 report

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Gambling software provider Playtech has confirmed that its Americas business is now the group’s biggest driver of growth in today’s H1 financial update for the six months ended 30 June 2021.

US revenue, said the firm, grew by 106% to $54.4m at constant currency versus H1 2020, although overall group revenue for the half was down by 4% from $559.1m to $536.5m.

More positively, the tech group saw a significant leap in H1 profits which came in at $471.4m compared to a loss of $25.9m year-on-year.

Adjusted EBITDA for the half was $145.6m compared with H1 2020’s $128.4, representing an increase of 13%, with the company citing the overall results as being “…in line with expectations at the start of the year”.

CEO Mor Weizer told investors: “I am delighted by our strong strategic and operational progress to date in 2021, despite the ongoing challenges posed by the pandemic. These results demonstrate the quality of our technology and products, the significant progress made against our strategic priorities, and wider momentum across Playtech’s operations.” 

Turning to the firm’s stateside and LatAm business, he added: “Significant progress in the US saw Playtech launch for the first time in Michigan, the first step in our long-term multi-state partnership with Parx Casino, and regulatory approvals progressed in key strategic states. 

“Structured agreements continue to deliver in Latin America, with strong growth in H1 in Mexico and Colombia and launches in Panama and Costa Rica.” 

On the outlook, Weizer noted: “Looking forward, given the strong H1 performance, the momentum in the business and the easing of lockdown restrictions, we are confident of Playtech’s prospects for the remainder of 2021 and beyond. 

“We have established a new Sustainability and Public Policy Board Committee to consolidate our position as a leader in safer gambling products and strengthen governance around sustainability. Sustainable Success is embedded in our core strategy.”

A busy trading period saw the group launch with Parx Casino in Michigan and establish new partnerships with Scientific Games and Novomatic alongside continued progress with bet365 and BetMGM in New Jersey. 

Caliente in Mexico saw significant growth alongside a growing contribution from Wplay in Colombia, with new launches in Costa Rica and Panama to build on its presence in Latin America.

The company reported material gains of $351.7m in the fair value of its derivative financial assets driven by the options relating to Caliente and Wplay and others in Latin America.