Playtech has posted a 10% year-on-year increase in revenue for its 2024 financial year, driven by strong performance in its B2B segment across key markets in the Americas. The company’s total revenue from continuing operations reached €848 million (£706.9 million / $912.6 million), marking a solid recovery. However, the impact of its Snaitech sale is already being felt, with the sale set to complete in Q2 2025, further shifting Playtech’s focus on becoming a pure-play B2B provider.
Despite a mixed performance in some of its European markets, the company’s core B2B operations in the US, Canada, and Colombia showed impressive growth, particularly with a 126% increase in the US. Playtech CEO Mor Weizer hailed the year as “a landmark” for the company, adding, “The Americas saw substantial revenue growth, with Wplay in Colombia delivering a particularly strong performance.”
B2B Segment Sees Strong Growth in Key International Markets
Playtech’s B2B segment, which now excludes its Snaitech operations, grew 10% to €754.3 million. This growth was driven by strong US and Colombian performances, with the US market seeing an incredible 126% revenue growth. Playtech anticipates further expansion as online gambling regulation is expected to take effect in Alberta and British Columbia in the coming years. 
Additionally, Brazil-facing revenue also surged in 2024, with the company planning to classify it as regulated revenue starting in Q1 2025. Despite some struggles in Europe, Playtech saw growth in Italy, Spain, and the UK. The company also resolved its dispute with Caliplay and resumed receiving significant payments, recovering €150 million of the unpaid fees.
Playtech Transforms Post-Snaitech: A Return to Core Business Focus
After the Snaitech sale to Flutter, Playtech is reaffirming its commitment to its B2B model. With the sale, Playtech no longer considers Snaitech as part of its continuing operations, and this strategic shift has allowed the company to refocus on its core markets. Revenue from Snaitech and B2C operations grew 2% to €1.05 billion, with significant contributions from Happybet and Sun Bingo, despite challenges with some markets.
The sale also allowed Playtech to refine its strategy, focusing on regulated markets and technological innovations that support its continued expansion into global markets. Weizer stressed that Playtech’s ability to leverage its industry-leading technology and strategic partnerships provides strong long-term growth potential, with the company targeting an adjusted EBITDA of €250 million to €300 million for continuing operations in the medium term. Mor Wizer added, in a LinkedIn post:
“2024 has been a landmark year for Playtech, with our B2B business delivering outstanding results and the agreement to sell Snaitech to Flutter set to deliver significant value to shareholders. On behalf of our Board and Executive team, I would like to thank all of my colleagues for their continued hard work and dedication to Playtech. I am confident that we will continue to deliver great work as we move towards becoming a stand-alone B2B business in 2025″
Challenges and Opportunities Ahead for Playtech
Despite the positive revenue figures, Playtech faces some challenges, particularly with its Happybet brand, which has struggled to generate profit. Industry analysts have highlighted concerns regarding Playtech’s smaller and lower-margin B2C assets, such as Sun Bingo, which they argue are a distraction and value drag.
However, Playtech’s focus on PAM/CRM solutions and strategic partnerships remains a key strength. With its renewed focus on B2B and the completion of the Snaitech sale, the company is confident that its core markets, including the US, Italy, and Denmark, will continue to drive growth in the coming years.
In summary, Playtech’s transition to a pure-play B2B provider is yielding results, with strong growth in North America and Colombia. However, challenges remain with some European operations, and the company will need to address these concerns to maintain its growth trajectory in 2025 and beyond.
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