Playtech hits the jackpot with 25% surge in EBITDA from Americas and Italy

Playtech saw its share price rise 2.3% to 622.5p following a 25% increase in EBITDA to €317.1 million compared to €253.6 million in 2020 on the back of outperformance in the America markets and rising sales in Italian subsidiary Snaitech.

The company reported a revenue increase of 12% to €1.2 billion against €1 billion after B2B growth led by the outperformance in the Americas.

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Playtech attributed its especially high 366% surge in post-tax profit of €127.6 million compared to €27.3 million in 2020 to unrealised gain linked to the company’s embedded options in Latin American agreements.

Snaitech accounted for an adjusted EBITDA growth of 38% across 2021, and the subsidiary achieved revenue growth of 45% to €299.9 million throughout the year.

The Italian group topped the rankings across retail and online sports betting in Italy in 2021.

Playtech reported a promising start to the financial year, with the strong performance expected to continue from B2B and B2C businesses across the board.

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The company didn’t pay out a dividend for 2021.

Playtech CEO Mor Weizer stated confidence in the company’s future prospects in 2022.

“Our full year results demonstrate the quality of Playtech’s technology and the momentum across the Group,” said Weizer.

“Our strong performance is underpinned by our B2B business, in particular the tremendous growth we have seen in the Americas.”

“We have made real progress in the execution of our US strategy, supported by new licences, new launches and new partnerships, and we continue to go from strength to strength in Latin America, buoyed by new strategic agreements across the region.”

“In B2C, the story is similar, with Snaitech continuing to outperform the market, achieving the position of the number one brand across sports betting and retail in Italy.”

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