Playtech Announces Results with Focus On The U.S. A 27 million Euros pre-tax profit was recorded, representing a 246% vast increase. (Photo by Frank Busch on Unsplash)
Playtech, a renowned developer of online gambling software, has announced its financial results for 6 months ending June 30th. A 27 million Euros pre-tax profit (adjusted) was recorded, representing a 246% vast increase when compared to the first six months in 2020, where the firm incurred a 19.2 million Euro loss. The increase in Playtech’s pre-tax profit is due to the curtailed spread of the Covid-19 virus and consequent ease of lockdown measures imposed last year. The pandemic necessitated a lockdown in many parts of the world, and many businesses suffered significant losses, with Playtech also having its own share. Despite the increase in pre-tax profit, Playtech still recorded a fall in revenue, although it was slightly by 4%. The revenue fell to 457.4 million Euros. Playtech stated that its B2B business was solid, particularly its Snaitech and Caliente brands.
Playtech Showing Significant Progress Especially in the US Market
Speaking on the announcement, Playtech’s Chief Executive, Mor Weizer, stated that: The firm recorded significant progress, especially in the U.S, such that it launched in Michigan for the first time. Mor added that the Michigan launch exemplifies the first step in its long-term multi-state collaboration with Parx Casino.
He also stated that regulatory approvals advanced in central strategic states while structured agreements and deals also yielded good results in Latin America. Similarly, the firm experienced substantial growth in the first half of 2021 in Colombia and Mexico, while it also launched in Costa Rica and Panama. Europe was not left out as Playtech signed a new service and software agreement with Holland Casino while other existing licensees flourished.
The Chief Executive also pointed out that its Snaitech brand continues to perform well in Italy, further strengthening its position as the country’s No.1 online and retail sports betting brand. The Covid-19 pandemic has grown online businesses structurally with a higher margin. Mor expected that this growth would continue. In his concluding remarks, the Chief Executive expressed optimism for the second half of 2021 and even beyond as the firm builds on the solid performance in the first half of the year, further ease of lockdown restrictions and the business momentum.
Great Year For Playtech: Playtech has had a great year so far with numerous collaborations and game releases. And just in July, GamCare announced Playtech as the first developer to get the Business to Business safer gambling standard accreditation, which was only put together by GamCare recently. This goes to show that even though Playtech is making efforts to make profit, it still gives priority to the safety of its numerous customers. We are in the 3rd quarter of the year, but from its history so far, we can still expect amazing feats from this developer before the year runs out.
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