Playtech B2B performance was a key driver of growth in 2024. The company hit its medium-term EBITDA target two years early. A strategic pivot to a pure-play B2B model is underway with the sale of Snaitech on track.
Total B2B revenue jumped 10% to €754.3 million in 2024, while B2B EBITDA rose 22% to €222 million. This growth helped Playtech surpass its medium-term target of €200–250 million ahead of schedule. Strong cost control and operating leverage expanded EBITDA margin by 280 basis points.
Playtech B2B performance in the Americas stood out, with 19% revenue growth to €251.6 million. US and Canada revenues soared 126%, reaching €29.8 million. Key launches included DraftKings, FanDuel, Bet365 and Penn Entertainment.
Live Casino was a major contributor, including a new partnership with MGM Resorts to stream content from Las Vegas casinos. Playtech also launched the AI-led BetBuddy safer gambling tool with 7 new brands. By year-end, it was active in 23 brands across 14 jurisdictions.
Playtech’s SaaS revenue rose 59% to €80 million, hitting the top of its target range. This came from a broad spread of clients and geographies. SaaS continues to serve as a key cross-selling entry point for operators without full access to PAM+.
New revenue model “equity instead of B2B services fees,” seems successful. A new agreement with Caliplay reshapes Playtech’s revenue model. From March 2025, Playtech will no longer receive B2B services fees but will hold a 30.8% equity stake in a new US-based holding company. This change aims to underpin future growth in Latin America.
Group Adjusted EBITDA (including Snaitech) increased 11% to €480.4 million. Total revenue rose 5% to €1.79 billion. However, the Group posted a net loss of €24.2 million, due to impairments, tax asset derecognition and lower derivative gains.
Playtech is selling Snaitech to Flutter Entertainment for €2.3 billion, with completion expected in Q2 2025. €1.7–€1.8 billion will be returned to shareholders via a special dividend. The sale transforms Playtech into a predominantly B2B business.
Playtech repaid €200 million of a €350 million bond and secured a new €225 million credit facility. Leverage dropped to 0.3x in 2024, down from 0.7x the year before. Net debt fell to €142.8 million, supported by cash inflow from Caliplay.
Unregulated B2B revenue rose 12%, driven by Brazil, Canada, and India. Asia stabilized in H2 2024 after two distributor changes. Brazil will reclassify as regulated from January 2025, offering new B2B growth potential.
CEO Mor Weizer called 2024 “a landmark year,” citing success in the Americas and strategic progress in shifting to a B2B model. He thanked Playtech’s global team and highlighted the importance of the new Caliplay and Snaitech developments.
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