Playtech Cites ‘Early And Decisive Action’ For Operational Resilience

After praising “early and decisive action” taken in response to the current health crisis, Playtech lauded “remarkable operational resilience,” which has seen the firm report perform better than expected in previous trading updates.

Pledging to continue to ‘do whatever it can’ to alleviate the effects of the epidemic on its staff, associates and enterprises, steps taken so far include deferment or cancellation of capital spending, tight control of working capital, cessation of equity payments, company-wide pay cuts, reduction of operating hours at some sites, substantial reduction in capital expenditure, reduced office and maintenance costs, and timing renegotiation of cash outflows including contingent payments due in 2020.

In addition , the firm has also made its safer gambling engagement tools and data analytics technology, including BetBuddy, available free during the crisis to all operators across the industry.

In addition , the firm has also made its safer gambling engagement tools and data analytics technology, including BetBuddy, available free during the crisis to all operators across the industry.

Playtech does recognise that “the industry needs to provide an increased level of player engagement and data analysis to identify, support and protect customers who may be experiencing increased levels of risk.”

Reviews of advertising and operational procedures across B2B and B2C operations are also undertaken consistently, as are reinforcement of safeguards to take into account the changing environment and new risks arising.

Playtech chief executive Mor Weizer explained: “So far this year, alongside actions taken to protect our people and our business, Playtech demonstrated remarkable operational resilience – demonstrating the strength and flexibility of our technology and our position in the industry.

“We have added new tier one licensees, added over 20 new brands and expanded agreements with some of our largest existing customers. Given this strategic progress and the actions we have taken, I am confident we will emerge stronger as the current restrictions related to COVID-19 ease.

“Playtech also launched its new sustainable business strategy, Sustainable Success. The strategy will consolidate Playtech’s position as a global leader in safer products, data analytics and player engagement solutions.

“Playtech has made safer gambling a core pillar of its strategy. At this time actions being taken by Playtech and the wider industry to advance safer gambling and raise standards are more important than ever.”

Continuing with the appreciation of Alan Jackson, the outgoing President: “Finally, today marks Alan’s last day as chairman of Playtech and I would like to take this opportunity to thank him for his tireless commitment during his time on the board since our IPO in 2006 and as chairman for the last seven years.”

Having received a “extremely strong Q1,” Playtech saw adjusted EBITDA finish at €117 m driven largely by TradeTech’s previously mentioned “exceptional performance,” which benefited from increased market volatility and volume of trading.

Despite COVID-19 beginning to have a significant effect on some of the Group’s companies, results are said to have fallen in line with original estimates for March as a whole.