Playtech’s 2024 Revenues Up 5% Year-Over-Year
Playtech has confirmed a 5% year-on-year (YoY) increase in its revenues in its full year results for 2024.
Key Facts:
- Last year saw the firm complete the €2.4bn sale of Snaitech to Flutter Entertainment
- Playtech now has a complete focus on the B2B market
- 2024 described as a landmark year for the iGaming company
- CEO Mor Weizer said Playtech has built strong foundations
During last year, Playtech confirmed that the sale of Snaitech had gone through, with the business-to-consumer department snapped up by Flutter Entertainment.
That €2.4 billion deal had a significant impact on Playtech’s results for 2024, with the company’s corporate revenues standing at €1.79 billion.
This was a rise of 5% on Playtech’s full-year 2023 results of €1.706 million, the firm said.
Its FY2024 adjusted EBITDA was €480 million – up from €432m in 2023 – which was also above expectations.
Playtech has also sealed a fresh deal with Caliplay Mexico, which is the iGaming company’s largest services contract, to help secure its future.
Strong Foundations
With 2024 going down as a crucial period for Playtech due to the aforementioned Snaitech sale, chief executive Mor Weizer hailed the progress made in the past 12 months.
In a statement, he said: “2024 was a landmark year for Playtech.”
“We successfully reached an agreement to sell Snaitech to Flutter Entertainment, delivering significant value to our shareholders while enabling Playtech to refocus predominantly on its core strengths as a pure-play B2B business.”
“Additionally, we are pleased to have secured a revised strategic agreement with Caliplay, our partner in Mexico, providing greater certainty and a strong foundation for future growth.”
The early months of 2025 have seen Playtech seek to capitalise on its position.
Recently, the company said it has formed a new long-term partnership with Progress Play, with Playtech picked as the company’s bingo provider for their extensive network of brands.
Losses Continue At HAPPYBET
It was not all positive news for Playtech, with its German arm HAPPYBET still struggling.
Playtech has already confirmed it is in negotiations to sell the subsidiary, which recorded a loss of €11.8 million during 2024.
Other brands owned by Playtech fared better in the full-year results, with UK branch Sun Bingo among them.
The bingo operator saw its revenue go up by 7% but had lower EBITDA, which Playtech explained was down to factors like higher marketing expenditure and new affordability tests.
In the overall accounts, Playtech reported a loss of €24 million in its post-tax profit column, which was down from its full-year €105 million profit in 2023.
A reason for the drop was €119.7 million Playtech paid out in impairments, while it also had a €57 million deferred tax asset write-down reported in the results.
