Playtech FY2025 Revenue Falls, Americas Growth Strong
Playtech reported a decline in revenue and earnings for the year ending 31 December 2025, reflecting the impact of strategic changes and updated commercial agreements, while continued expansion in the Americas supported its outlook.
The company posted revenue of €763.6m, down 10% year-on-year, with adjusted EBITDA falling 9% to €197.0m. Reported EBITDA shifted to a loss of €5.7m, compared to a €127.2m profit in 2024, largely due to one-off factors and structural adjustments. Post-tax profit from continuing operations decreased 28% to €44.2m, while diluted earnings per share dropped to 14.5 euro cents.
Performance in Playtech’s B2B segment was influenced by a revised long-term agreement with Caliente Interactive, which moved part of its revenue into investment income. As a result, B2B revenue declined 9% to €688.3m, with adjusted EBITDA down 36% to €141.4m. Excluding this impact, the company reported underlying growth, with revenue from regulated markets accounting for over 80% of the segment rising 6%.
Growth in the Americas remained a key driver, supported by partnerships with operators including DraftKings, FanDuel, Hard Rock Digital and Delaware North. Revenue from the US and Canada increased 71% year-on-year in constant currency, aided by expansion into additional regulated states such as West Virginia and Delaware in 2025, followed by Connecticut in early 2026. Playtech now operates in six regulated US states, supported by increased live casino capacity.
Latin America also contributed positively, with regulated revenue in the region up 8% when excluding the Caliente agreement. However, this was partially offset by regulatory challenges in markets such as Colombia and Brazil, alongside continued investment in live casino and platform development.
Live casino remained a core area of focus, with revenue rising 6% in constant currency and the number of live tables reaching around 500 across 17 studios. SaaS revenue grew 48%, reflecting increased demand for platform and software solutions. Playtech also expanded its responsible gambling solution, Playtech Protect, now active across 28 brands in 17 jurisdictions.
Investment income rose significantly to €61.8m, driven mainly by Playtech’s 30.8% stake in Caliente Interactive and dividend contributions from Hard Rock Digital. During the year, Playtech received €45.7m in dividends from Caliente and €10.3m from Hard Rock Digital.
The group also completed the sale of Snaitech for €2.3bn, generating over €800m in cash during its ownership and enabling a €1.8bn special dividend. Following the disposal, Playtech has increased its focus on B2B operations, with B2C activity reduced. B2C revenue declined to €78.5m, while losses narrowed to €6.2m as the company continued to exit its HAPPYBET business in Germany.
Playtech ended 2025 with a net cash position of €28.5m, compared to net debt of €142.8m a year earlier, supported by capital returns and balance sheet restructuring. The company also repurchased approximately 8.3% of its share capital in the second half of the year.
Looking ahead, Playtech reported a strong start to 2026, driven by continued growth in the Americas and solid underlying performance across its igaming operations. The company expects adjusted EBITDA for FY26 to exceed current market expectations, despite ongoing regulatory and tax pressures.
CEO Mor Weizer said: “2025 marked a period of transition as we completed the sale of Snaitech and refocused on our core B2B model. Despite this, performance exceeded earlier expectations, highlighting the strength of our technology offering.
“The US delivered strong growth, with revenue nearly doubling as we expanded into new states and strengthened our partnerships. Latin America also showed progress, particularly through our agreement with Caliente.
“We have carried this momentum into 2026 and remain confident in achieving our medium-term targets, supported by opportunities across our key markets.”
