Home » Playtech : 2022 Full year results report | MarketScreener

Playtech : 2022 Full year results report | MarketScreener

Playtech plc

(“Playtech”, the “Company”, or the “Group”)

Excellent FY 2022 performance; well placed for FY 2023

Playtech (LSE: PTEC), the leading platform, content and services provider in the online gambling industry, today announces its final results for the year ended 31 December 2022.

Financial summary (continuing operations)1


Change (const.

FY 2022

FY 2021








Adjusted EBITDA2





Adjusted post-tax profit3





Reported post-tax profit3





Adjusted diluted EPS

51.5 €c





Reported diluted EPS

13.0 €c






  • Excellent FY 2022 driven by continued strength in regulated B2B markets, and Snaitech.
  • Record Adjusted EBITDA of €405.6 million, up 28% vs. 2021.
  • Landmark agreement signed with Hard Rock Digital in Q1 2023, accelerating the US strategy and providing growth opportunities globally.
  • Ahead of its B2B investor event later today, Playtech is pleased to announce a new medium term Adjusted EBITDA target for B2B of €200 – 250 million.
  • Strong start to 2023 in spite of the broader macroeconomic and geopolitical uncertainty.

Divisional highlights

B2B Gambling

  • Very strong growth within regulated markets helped to deliver total B2B revenue of €632.4 million in 2022, growing 14% (+11% at constant currency).
  • B2B Adjusted EBITDA was €160.2 million compared to €139.2 million in 2021, achieved against the backdrop of the war in Ukraine where we employ over 700 colleagues (c.10% of our workforce).
  • Europe ex-UK grew 31% at constant currency to €184.6 million driven primarily by Netherlands with strong contributions from Poland, Spain and Ireland.
  • Americas continued to perform well with revenues of €144.7 million and 27% constant currency revenue growth. Caliente in Mexico remained a key driver of strong revenue growth while the Brazil market also performed very well in 2022 and offers significant opportunity going forward, as this market moves towards regulation.
  • Significant progress made executing the US strategy:
    • Landmark agreement signed with Hard Rock Digital in early 2023.
    • Launched the IMS platform with Parx Casino in Pennsylvania, involving a complex migration off a competitor’s platform.
    • Signed several new deals including Golden Nugget, WynnBET, Resorts and 888 which are expected to go live in the coming months.
    • Licences granted in Pennsylvania and Colorado in 2022. Ohio and Maryland licences granted in early 2023. Now licensed in 9 states with further applications progressing.
  • Launched with NorthStar in recently regulated Ontario, Canada in early 2022; recently announced an extension of the relationship and a strategic investment in NorthStar to ensure we are well positioned to benefit from the attractive Canadian market.
  • Live Casino continued to see good revenue growth; strategically important facility opened in Peru in H1 that will help continue to drive future growth in the region.


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  • The higher margin SaaS offering continues to gain traction with over 100 further brands added in 2022, bringing the total to over 350.
  • Asia revenue declined 18% (-21% at constant currency) due to competitive pressures and the impact of lockdowns in parts of the region in the period, while the Company incurred a bad debt provision of €15.4 million due to collection delays, recognised in H1.

B2C Gambling

  • Total B2C revenue (including Snaitech and white-label) grew 48% year on year to €983.1 million (2021: €663.7 million). Adjusted EBITDA was €245.4 million compared to €177.9 million in 2021.
  • Snaitech Adjusted EBITDA grew 39% to €254.2 million (2021: €182.6 million) driven by retail sites reopening at the end of June 2021 post-pandemic.
  • Snaitech’s online business performed ahead of expectations with revenue growth of +2% versus 2021, despite the reopening of retail sites. The second half saw revenue growth of +10% v H2 2021, as Playtech continues to leverage the structural shift to online. Adjusted EBITDA margins remained high at 56% in 2022 versus 59% in 2021.
  • Snaitech maintained its number one position by brand across retail and online sports betting in Italy in 2022.
  • HAPPYBET, now integrated into Snaitech’s operations, remained loss-making, with EBITDA of €-10.8 million (FY21: €-11.4 million) but strategic and operational measures have been taken such as upgrading HAPPYBET’s technology infrastructure.
  • Sun Bingo White Label saw 5% revenue growth to €65.3 million while Adjusted EBITDA fell to €2.0 million (2021: €6.7 million). Reported EBITDA includes a €10.4 million charge in H1 to terminate an onerous contract. The termination of the agreement will positively impact the profitability of the business going forward.

Financial and corporate highlights

  • Strong cash generation in 2022, with adjusted operating cashflow5 of €397 million.
  • October 2023 bond partly repaid generating significant cash interest savings; additional refinancing options being considered for remaining €200 million October 2023 bond.
  • Sale of Finalto for cash consideration of $228.1 million was completed in July 2022 with a profit on disposal of €15.1 million, marking a significant step in Playtech’s stated strategic objective to simplify the Group.
  • Disposal of 100% of Statscore to LSports, and simultaneously acquiring a 30.89% stake in LSports, a provider of data to sportsbooks and media companies to increase our footprint in the growing sports data market.
  • In 2023, Playtech announced an equity investment in NorthStar, the proceeds of which will be used to accelerate the growth of NorthStar’s footprint across Ontario and future regulated markets across Canada.
  • Landmark agreement signed with Hard Rock Digital in early 2023. As part of the agreement, Playtech has also invested $85 million (c.€80 million) in exchange for a low single digit % minority equity ownership stake.
  • Reported profit of €40.6 million (2021: €686.7 million). Prior year included a significant gain on equity call options embedded in the Company’s agreements in the Americas.

Current trading and outlook

  • The macroeconomic outlook remains uncertain given geopolitical and inflationary pressures.
  • Despite this, Playtech has had a strong start to 2023, driven by Snaitech and Caliente and highlighting the resilience of Playtech’s increasingly diversified portfolio.
  • Playtech has announced a new medium term Adjusted EBITDA target for B2B of €200 – 250 million.
  • Snaitech medium term Adjusted EBITDA guidance maintained at €300 – 350 million.
  • Strength of balance sheet further improved by strong gash generation and proceeds from sale of Finalto; financial position gives flexibility for future shareholder distributions and M&A.
  • Given the strong performance in 2022, and momentum within the business, the Board remains confident in
    Playtech’s ability to execute on growth opportunities across both B2B and B2C divisions.

Mor Weizer, CEO, commented:

“2022 was a year of considerable strength for Playtech, in which we delivered record revenues and EBITDA, ahead of market expectations. All parts of the business contributed to this performance, with B2B powered by Europe (ex-UK)


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and the Americas, and B2C’s impressive performance underpinned by Snaitech’s continued strength in the Italian market in both retail and online.

“Strategically we have also continued to deliver, executing the successful sale of Finalto continuing our simplification strategy, and making great progress in North America with the launch of the IMS platform with Parx Casino in Pennsylvania and having signed several significant new deals including Golden Nugget, WynnBET, Resorts and 888.

“We have started the new financial year well and announced the signing of the landmark transaction with Hard Rock Digital, and in spite of the continued macro-economic and political uncertainty, remain confident in our future prospects, as well as our ability to deliver value to all our stakeholders in a sustainable and responsible way. I would like to take this opportunity to thank my colleagues and partners for their continued dedication and support. In particular, I’d like to acknowledge the bravery of our colleagues in the Ukraine and praise the work of our crisis management team, who have worked tirelessly to support our Ukrainian colleagues and their families.”

– Ends –

For further information contact:


+44 (0) 20 3805 4822

Mor Weizer, Chief Executive Officer

Chris McGinnis, Chief Financial Officer

c/o Headland

Sandeep Gandhi, Head of Investor Relations

+44 (0) 20 3805 4822

Headland (PR adviser to Playtech)

+44 (0) 20 3805 4822

Lucy Legh, Jack Gault

1Totals in tables throughout this statement may not exactly equal the components of the total due to rounding.

2Adjusted numbers relate to certain non-cash and one-off items, as well as material reorganisation and acquisition-related costs. The Board of Directors believes that the adjusted results more closely represent the consistent trading performance of the business. A full reconciliation between the actual and adjusted results is provided in Note 10.

3Adjusted Profit refers to post-tax Profit from continuing operations attributable to the owners of the Company after the relevant adjustments as detailed above. Reported Profit refers to post-tax Profit from continuing operations attributable to the owners of the Company before adjustments.

4Constant currency numbers exclude the exchange rate impact on the results by using previous period relevant exchange rate and exclude the total cost/income of exchange rate differences recognised in the period.

5 Adjusted operating cash flow refers to net cash provided by operating activities from continuing operations after adjusting for change in jackpot balances, client deposits, professional fees and ADM security deposit.

Conference call and presentation

A presentation on the earnings will be held today at 9.00 am via a live audio webcast accessible using this link:


Analysts and investors can also dial into the call using the following details:

United Kingdom (Local): +44 20 3936 2999

United Kingdom (Toll-Free): +44 808 189 0158

Global Dial-In Numbers

Access Code: 125238

The presentation slides will be available today from 8.30am at:


A B2B Investor Event will be held today at 10.30am via a live audio webcast accessible using this link:



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Analysts and investors can also dial into the call using the following details:

United Kingdom (Local): +44 20 3936 2999

United Kingdom (Toll-Free): +44 808 189 0158

Global Dial-In Numbers

Access Code: 054134

The presentation slides will be available today from 10am at:


Forward looking statements

This announcement includes statements that are, or may be deemed to be, “forward-looking statements”. By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements.

Any forward-looking statements in this announcement reflect Playtech’s view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, Playtech undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect events or circumstances after the date of this announcement.

About Playtech

Founded in 1999 and premium listed on the Main Market of the London Stock Exchange, Playtech is a technology leader in the gambling and financial trading industries with over 7,000 employees across 20 countries.

Playtech is the gambling industry’s leading technology company delivering business intelligence driven gambling software, services, content and platform technology across the industry’s most popular product verticals, including, casino, live casino, sports betting, virtual sports, bingo and poker. It is the pioneer of omni-channel gambling technology through its integrated platform technology, Playtech ONE. Playtech ONE delivers data-driven marketing expertise, single wallet functionality, CRM and responsible gambling solutions across one single platform across product verticals and across retail and online.

Playtech partners with and invests in the leading brands in regulated and newly regulated markets to deliver its data- driven gambling technology across the retail and online value chain. Playtech provides its technology on a B2B basis to the industry’s leading retail and online operators, land-based casino groups and government sponsored entities such as lotteries. Playtech directly owns and operates Snai, the leading sports betting and gaming brand across online and retail in Italy.


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Chairman’s statement

I am delighted to report another highly successful year for Playtech, albeit one in which we had to contend with a challenging economic backdrop and significant disruption from the war in Ukraine.

Despite these circumstances, we delivered strong growth and made significant progress against our strategy. This underlines both the resilience of our business model as well as the ability, commitment and dedication shown across all levels of the business.

I would like to thank my Board colleagues, the Executive Management and the wider team, together with our advisers, who have worked tirelessly to deliver these excellent financial, operational and strategic results against a challenging backdrop. Their efforts have been the foundation of our success this year.

Strong progress from all corners of the business

Playtech made significant progress throughout 2022 across both the B2B and B2C businesses, further diversifying its portfolio and positioning the Group to capitalise on the exciting opportunities ahead:

  • In the US, Playtech expanded its footprint with Parx, launching its IMS platform in Pennsylvania. In early 2023, Playtech also signed a landmark agreement with Hard Rock Digital that accelerates our US strategy and provides significant growth opportunities globally.
  • Good progress was made in Canada, with Playtech signing an agreement with NorthStar to launch a broad suite of products in this newly regulated market, along with extending the relationship further and taking an equity investment in NorthStar in early 2023, incorporating elements of the strategic agreement model employed successfully in other markets.
  • In Latin America, Playtech’s presence continues to go from strength to strength, with existing agreements in
    Mexico and Colombia seeing excellent growth in the period. Playtech is ideally positioned to benefit from growth in the soon to be regulated Brazil market. Playtech opened a new Live Casino facility in Peru as it continues to expand its presence across the region.
  • Snaitech has continued to exceed expectations with the online segment proving resilient despite the reopening of retail sites, while it also maintained its number one position by brand across retail and online sports betting in Italy. Fabio Schiavolin, CEO of Snaitech, discussed the opportunity for the business at an investor event hosted in September 2022.

Corporate Activity

The impressive performance delivered in 2022 is all the more notable given the intensity of the corporate activity that Playtech has been involved in. Taken together, this activity shone a spotlight on the quality of Playtech’s strategy, operations, technology, and people, whose commitment and expertise continue to drive Playtech from strength to strength.

Offer and further approach for Playtech

In October 2021, the Board recommended an all-cash offer from Aristocrat at a 58% premium to the prevailing share price. Ultimately, at the Court and General Meetings held on 2 February 2022, Aristocrat’s proposal did not achieve the requisite 75% level of shareholder approval needed for its offer to progress.

Shortly after Aristocrat’s proposal lapsed, Playtech received an approach by an investor group formed and advised by TTB Partners Limited. On 14 July 2022, TTB Partners advised that it did not intend to make an offer for the Company due to challenging underlying market conditions.

Finalto Sale Completed

We were delighted to complete the sale of Finalto in July 2022. This represented a significant step in our stated strategy to simplify the Group and focus our efforts on the high-growth B2B and B2C gambling markets.


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Playtech plc published this content on 23 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2023 07:12:04 UTC.

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Analyst Recommendations on PLAYTECH PLC

Sales 2022 1 576 M
1 700 M
1 700 M
Net income 2022 140 M
151 M
151 M
Net Debt 2022 364 M
392 M
392 M
P/E ratio 2022 13,9x
Yield 2022 0,19%
Capitalization 1 866 M
2 014 M
2 014 M
EV / Sales 2022 1,42x
EV / Sales 2023 1,33x
Nbr of Employees 6 700
Free-Float 62,4%

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Mean consensus BUY
Number of Analysts 8
Last Close Price 6,22 €
Average target price 7,76 €
Spread / Average Target 24,7%