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Gambling technology firm Playtech (LSE: PTEC) said on Thursday it had met its medium-term earnings goal for its B2B segment ahead of schedule, driven by strong growth across key markets, as it reported full-year results for 2024.
Adjusted EBITDA in Playtech’s B2B operations rose 22% to €222 million, hitting the €200 million to €250 million target range the company set two years ago. Group adjusted EBITDA climbed 11% to €480.4 million, slightly above market expectations.
The company confirmed that the planned €2.3 billion sale of its Italian betting business Snaitech to Flutter Entertainment is on track to complete in the second quarter of 2025. Playtech plans to return between €1.7 billion and €1.8 billion to shareholders via a special dividend following the deal’s completion.
Italy is the largest gambling market in Europe, although online penetration remains behind other countries such as the UK and Australia.
“This was a year of strong performance across our core B2B markets,” CEO Mor Weizer said in a statement, highlighting momentum in the Americas, where B2B revenue jumped 19% to €251.6 million, and in particular the U.S. and Canada, which saw a 126% surge.
In total, Playtech’s group revenue rose 5% to €1.79 billion in 2024. Adjusted post-tax profit climbed 42% to €223.5 million, though the company reported a statutory post-tax loss of €23.9 million due to higher impairment charges, adverse FX effects, and lower derivative gains.
Playtech’s net debt halved to €142.8 million, and group leverage fell to 0.3x from 0.7x a year earlier.
The group also confirmed a revised agreement with Caliplay, its Mexican partner, which will make Playtech a predominantly B2B-focused business. The updated deal is expected to be finalised by March 31, 2025.
Looking ahead, Playtech introduced new medium-term targets for its continuing operations, including adjusted EBITDA of €250 million to €300 million and free cash flow of €70 million to €100 million.
The company said it made a good start to 2025 and would focus on operational efficiencies and a strategic review of underperforming assets. The sale of Snaitech, coupled with strong balance sheet flexibility, would allow it to pursue further growth opportunities, the board added.
