Playtech Optimistic about FY22 Results Driven by B2B Upsurge
Playtech plc has reported that it expects its results for the fiscal year 2022 to remain steady, and in fact beat previous estimates
The company is relying on growth in the business-to-business segment, with Snaitech posting what the company has described as “record performance,” which has contributed a significant chunk towards the company’s revenue and net profit performance markers.
Playtech Outlines a Thriving Business in 2022
Playtech offered a trading update in which it broke down its most recent achievements and the recent for immediate optimism, citing that the September interim results have remained steady and justified in the months that followed.
Adjusted EBITDA for the full year is now expected to hit €400 million, up 26% from 2021’s €317.1 million. The company enjoyed multiple successes in the Latin American region, driven by Snaitech.
In fact, the company was happy to report that the performance over the past year was more than enough to make up for the downturn experienced during the pandemic, which significantly suppressed results for the company. In a filing to the London Stock Exchange, the company detailed its upcoming results presentation for 2022:
The focus of the event will be on the most exciting growth areas within the B2B division, with presentations from the management team covering the Americas and Live segments.
Regardless, Playtech’s business-to-business segment notched up a 17% growth from a year earlier, with the Latin American region truly driving the bulk of these operational results. The B2B sports betting and Snaitech retail subsidiary pulled off excellent performance, boosting results by 182% to €446 million in the first semester and notching up an adjusted EBITDA increase of 154% to €131.7 million.
Shedding Assets and Acquiring Strong Positions in the US
The company has definitely enjoyed successes during the year. The company’s biggest shareholder, Gopher Investments, completed the acquisition of financial services company Finalto for a sum total of Finalto. Playtech itself made some adjustments to its business structure, having shed its Casual and Social Gaming for $250 million in a bid to restructure and refocus its business more thoroughly.
Playtech is also not ignoring the huge opportunity that the US market presents to it, with the company expanding with live studio operations in Michigan and New Jersey, two of the biggest iGaming states by revenue as of right now.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
