Playtech Lauds Strength In Overcoming COVID-19 Realities

Playtech has lauded the strength of its business in overcoming COVID-19 realities given the fact that its gambling divisions B2B and B2C are taking a ‘severe’ hit.

Updating its first-half performance and current trading, Playtech noted that the adjusted EBITDA amounted to ‘more than €160 million,’ largely driven by the online division of the group and the success of TradeTech.

CEO Mor Weizer commented: “Thanks to the outstanding response from our people and the early actions taken to protect the business, Playtech has demonstrated outstanding operational resilience during this challenging period.

“In addition to navigating near-term headwinds, we’ve continued to focus on setting up the business for success in the long-term. During the period, we’ve worked hard to add new brands, expand relationships with our existing customers and entered the New Jersey market with our long-standing strategic partner bet365.

“It is pleasing to see the impacted parts of the business starting to demonstrate positive momentum and I am confident the actions we have taken will help us emerge stronger and cement our market-leading position.”

The B2C gambling division of Playtech suffered the brunt of the COVID-19 disturbances but its Snaitech retail estate lost ‘significant revenue’ as a result of store closures and the cancellation or postponement of sporting events

Also ‘severely impacted’ was its B2B sports sector, which was heavily weighted towards store closures in its key UK and Greece markets.

However, Playtech remained optimistic, stating that the reopening of betting shops and the resumption of live sport is ‘leading revenue in B2B Sports to recover to pre-COVID-19 rates, albeit not.’