Playtech Q2 2023: A Steadfast Growth in Regulated Markets

Playtech’s Q2 2023 performance, emphasising growth in regulated markets. CEO Mor Weizer shares insights on strategies and future expansions. (Image by Peter Lomas from Pixabay)

In a recent interview, Playtech’s CEO, Mor Weizer, highlighted its firm stance on operating within regulated markets, distancing itself from competitors and venturing into unregulated and possibly illegal domains.

Despite declining revenues from such markets, the company is witnessing significant growth in fully regulated environments.

Playtech announced an impressive 8% year-on-year revenue growth in H1 2023, amounting to €859.6 million. This growth is primarily attributed to its B2B segment, which noted a 7% increase from the previous year.

The American market stood as a significant contributor with a 43% revenue surge, predominantly owing to expansion strategies in partnerships. Although the UK market saw a slight dip of 2%, European markets (excluding the UK) and the B2C segment demonstrated encouraging growth trends.

Playtech ended the week on the London Stock Exchange trading session at 529 GBX per share. This was 1.96 up on the 527.04 GBX value reported in the recent iGaming stocks update. Playtech shares have increased 16.08% in 12 months, but since the turn of 2023, the company’s shares have fallen -1.30%.

Playtech Q2 2023 Financials

Positives

• Strong growth in regulated markets, showcasing a sustainable business model.
• Significant revenue increase in the American market, indicating successful expansion strategies.
• Robust performance of the B2C segment, driven by key partnerships and strategic agreements.

Negatives

• Revenue declines in unregulated markets as the company focuses on more stable environments.
• There is a slight dip in the UK market due to stringent affordability checks.

CEO’s Statement: Commitment to Legal and Regulated Ventures

Weizer pointed out the challenges and concerns associated with operating in unregulated markets. Criticising competitors’ reckless expansion into such territories, Weizer emphasised Playtech’s commitment to regulated markets. He praised the understanding and sophistication of London investors, who appreciate Playtech’s disciplined approach towards expansion. Weizer also noted the potential for expansion in the United States and expressed optimism regarding Playtech’s financial resilience.

Playtech’s Company Profile

Playtech, a gambling and financial trading market leader, remains dedicated to fostering growth in strictly regulated markets. With a robust portfolio including Snaitech, HAPPYBET, and Sun Bingo, Playtech continues to expand, emphasising partnerships and strategic agreements, particularly in the United States. Despite recent shifts in market focus, the company maintains a solid financial position, backed by low leverage and strong cash generation.

One of the highlights of this software provider for live casino players is the vast array of live dealer games Playtech casinos have on tap. Famous game shows are popular, including Adventures Beyond Wonderland, Money Drop, and Deal or No Deal. Plus, the Age of the Gods Roulette is a popular way to play one of the world’s most popular casino table games while always having a chance to drop in a jackpot win.

With an unwavering commitment to ethical business practices and a clear growth trajectory, Playtech stands as a beacon of resilience and innovation in the gambling industry.

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