Revenue Impact of Caliente Interactive
Playtech reported adjusted EBITDA of €92 million in the first half of 2025, while group revenue fell 10% to €387 million. The drop was mainly due to revised terms with Caliente Interactive, which changed how Playtech records its income from the stake.
Excluding this impact, revenue held steady at €377 million, and adjusted EBITDA rose 5% to €62 million.
B2B revenue reached €348 million, down 9% from last year. Performance across the Americas was mixed: the US and Canada (led by Ontario) delivered growth, while Latin America declined due to the Caliente revisions and new VAT rules in Colombia. Europe outside the UK grew 4%, supported by Poland and Spain.
Revenue from regulated B2B markets climbed to €282 million, while unregulated revenue dropped 9% after Brazil moved into regulation earlier this year.
Consumer-facing revenue fell 17% to €41 million. Happybet’s losses narrowed to €2.3 million as Playtech shut down its Austrian business and continued its withdrawal from Germany, transferring franchise partners to pferdewetten.de AG. Sun Bingo and other B2C brands also declined following stricter rules introduced in late 2024.
Sale of Snaitech and Shareholder Return
The highlight of H1 2025 was the sale of Snaitech for €2.3 billion, more than triple Playtech’s original investment. Proceeds funded a €1.8 billion special dividend distributed to shareholders in June.
Expansion in the US and Brazil
Playtech is now doubling down on its B2B strategy. In the US, it operates over 50 live tables across three studios and plans further expansion as more states regulate online gambling.
In Brazil, where regulation began in January, Playtech will open a live studio in São Paulo and grow its local workforce to more than 100 employees by year-end.
Live Casino continues to power growth, with revenue up 9% year-on-year. Playtech now operates more than 470 tables across 15 studios worldwide and aims to expand further across North and South America.
Outlook for 2025 and Beyond
Playtech confirmed guidance for full-year 2025, forecasting adjusted EBITDA above earlier expectations. Capital expenditure is set between €80–90 million, with an effective tax rate of 25–28%.
Looking further ahead, Playtech targets €250–300 million in adjusted EBITDA and €70–100 million in free cash flow. The board highlighted the company’s ability to capture growth in regulated markets, streamline weaker units, and strengthen partnerships with tier-one operators.
