Playtech Forecasts €90 Million EBITDA as B2B Strategy Takes Shape

Playtech expects adjusted EBITDA to reach at least €90 million for the first half of 2025, according to its latest trading update. While that figure is well below the €243 million reported during the same period last year, the company has gone through major structural changes—including a full pivot toward B2B operations.

Good to know

• Playtech sold its B2C brands Snaitech and HappyBet in H1 2025.
• It now holds a 30.8% stake in Caliente’s Caliplay joint venture, earning dividends instead of B2B fees.
• The updated strategy focuses entirely on B2B growth, especially in the US and Brazil.

The €90 million forecast excludes earnings from Snaitech, which was sold to Flutter Entertainment for €2.3 billion at the end of April. HappyBet, its last remaining B2C brand, was sold on 28 May to NetX Betting, a subsidiary of Pferdewetten AG. While these divestments naturally weighed on first-half performance, Playtech said they simplify operations and support long-term growth in its core business.

The company emphasized ongoing strength in its B2B segment and better-than-expected results from associated income—particularly from Caliente Interactive in Mexico. That improved performance helped settle an earlier dispute, and under a new agreement that began on 31 March, Playtech now receives dividends as a 30.8% equity partner rather than B2B fees.

Playtech’s updated structure marks a shift in focus, which it believes will help enhance its tech offering, increase wallet share among existing partners, and scale more efficiently. The company will release its full H1 financials on 11 September.

H2 Forecast

Although still early into the second half of the year, Playtech shared a few updates. The company remains focused on investing in the US and Brazil—two key markets for future growth. However, it acknowledged ongoing challenges, including Brazil’s regulatory transition and a temporary VAT charge introduced in Colombia, both of which affected Q1 performance.

Despite those hurdles, Playtech’s leadership remains optimistic. As the update notes:

“Given the exciting growth opportunities ahead, the board remains very confident in Playtech’s ability to execute on its strategy as a predominantly pure-play B2B business.”