Playtech reports 10% revenue drop as Americas growth lifts FY26 outlook

Playtech has reported FY25 revenue of €763.6m ($882.7m), adjusted EBITDA of €197m and post-tax profit of €44.2m for continuing operations, as strong growth in the Americas helped offset the effect of a revised agreement with Caliente Interactive and regulatory pressure in several markets.

The supplier said revenue for the year fell 10% year-on-year from €848m, while adjusted EBITDA was down 9% from €217.5m. Post-tax profit from continuing operations declined 28% from €61.8m.

Including discontinued operations, Playtech posted post-tax profit of €120.7m, down 47% from €226.5m. Diluted earnings per share from continuing operations came to 14.5 euro cents, compared with 20.3 euro cents a year earlier. 

The group also moved to a net cash position of €28.5m at year-end, compared with net debt of €142.8m at 31 December 2024.

Americas growth offsets agreement changes

Playtech said the main drag on reported performance came from the revised long-term software and services agreement with Caliente Interactive, which took effect on 31 March 2025. 

Under the new structure, Playtech no longer books an additional B2B services fee in revenue and instead receives income from associates through its 30.8% equity stake.

That change contributed to a 9% fall in B2B revenue to €688.3m and a 36% decline in B2B adjusted EBITDA to €141.4m. 

Excluding the impact of the revised Caliente agreement, Playtech said B2B revenue from regulated markets, which now accounts for more than 80% of segment revenue, rose 6%. Regulated Latin America revenue was up 8% on the same basis.

Performance in North America remained a key driver. Revenue across the US and Canada increased 71% in constant currency, supported by activity from DraftKings, FanDuel, Hard Rock Digital and Delaware North. 

Playtech said it expanded its regulated US iGaming presence to six states after launches in West Virginia and Delaware during 2025, followed by Connecticut in 2026. 

Live revenue rose 6% in constant currency, with the supplier operating about 500 tables globally across 17 studios. SaaS revenue increased 48%, while Playtech Protect was adopted by six additional brands during the year, taking total adoption to 28 brands across 17 jurisdictions.

Investment income and capital returns 

Investment income became a more material contributor in FY25. Playtech recorded adjusted investment income of €61.8m, compared with €2.8m in FY24, driven mainly by its share of Caliente Interactive income under the revised agreement.

Caliente Interactive also distributed €45.7m in dividends during the nine months following the new agreement, while dividends received from Hard Rock Digital totalled €10.3m. Playtech said the fair value of its equity investment in Hard Rock Digital rose to €178.8m from €141m.

The group completed the €2.3bn sale of Snaitech in 2025 and paid a special dividend of about €1.8bn. It also repurchased about 8.3% of its issued share capital in the second half through a €50m buyback and a €27m block trade and redeemed the remaining €150m of its 2026 bond.

Playtech CEO, Mor Weizer, said: "2025 was a year of significant transition for Playtech, as we completed the sale of Snaitech and returned to our roots as a global, predominantly pure-play B2B business."

Weizer added: "The US delivered a particularly strong performance, with revenue nearly doubling as momentum accelerated across our partnerships."

On current trading, Playtech said it had made an "excellent start to 2026" and now expects FY26 adjusted EBITDA to be ahead of current consensus expectations, despite regulatory and tax headwinds across several markets. 

Playtech's full-year figures follow its February trading update, when it lifted FY25 adjusted EBITDA guidance to at least €195m after stronger-than-expected trading in the US and Mexico during the second half of the year.  

That update also pointed to positive momentum entering 2026 and reaffirmed the supplier's medium-term profitability targets.