Playtech Q1 Trading Report 2023 – On Course to Eclipse Innitial 2023 EBITDA Forecasts!

Excellent early-year results from Playtech! The Playtech Q1 Trading Report 2023 details a strong 2023 start due to growth in B2B & B2C sectors! (Image from Lukas at Pexels.com)

Playtech, a company most of you will know as responsible for popular live games, including Everybody’s Jackpot Live and Adventures Beyond Wonderland, has just posted an extremely positive Q1 trading report. It reveals the company is looking likely to beat initial adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) forecasts for 2023.

The report, which is for the period 01-01-2023 to 30-04-2023 (Q1 2023), details impressive growth across both the B2B and B2C arms of the company. The latter, in particular, is cited by Playtech CEO, Mor Weizer as a key driver behind the company’s early growth this year so far.

The report itself is quite short, but there is a lot to take away from it, most of which is good news for a company that has had its share of ups and downs in recent years. As a company with a rich iGaming industry history (close to a quarter of a decade), and revenues regularly above a billion Euros, most would never bet against it bouncing back each time.

Playtech Stocks on the Up and Up: At the end of March, Playtech posted its 2022 financial reports and while the company posted increased revenues, profits were down. However, bullish investors have shown faith in the UK London Stock Exchange-listed company, with the PTEC.L up 14% since the start of the year.

B2B Growth Driven by Mexico-Facing Caliente

Playtech has made no secret of its desire to expand its footprint in LatAm markets, and that strategic push is one of the reasons behind the great start of the year for the company. Caliente, the firm’s flagship brand in Mexico, has grown exponentially and has thus positioned itself as one of the market leaders in the country. As Playtech would admit, this has come well ahead of schedule – something we doubt the firm will complain too much about!

Playtech has also picked up a good headwind in the US iGaming markets. This comes after the company bought a minority stake in Hard Rock Digital in March this year. Early indicators are that this bold move will enable Playtech to further increase its presence in the burgeoning US states in the coming months and years. The B2B division has also gained further momentum thanks to the steady revenue growth of its live casino and Software-as-a-Service (SaaS) services.

Snaitech Driving Playtech B2C Sector Growth

The business-to-consumer division at Playtech is not to be left out either. The division has experienced robust growth with Playtech’s Snaitech business as the driver behind it. Snaitech has enjoyed growth across both its online and retail gambling verticals, much of which is down to the resumption of football after the completion of the World Cup. One of Playtech’s most recent acquisitions has also seen positive results. Although the business reported a loss in Q1 2023, it is a vast reduction from those posted during Q1 in 2022.

Playtech Changes at Board Room Level

The report also revealed a couple of upcoming changes at board room level at Playtech. Taking her seat on the board on the 1st of June as an independent non-executive director is Ruby Yam. However, John Krummin has announced his decision to leave the board this coming September. He will step down following the publishing of Playtech’s interim results at the end of that month.

More About Playtech: On our Playtech casino bonus guide here, you will find out about the history of the company, the games it has developed, the industry awards it has picked up, and more.