Playtech Start to First Quarter Leads to Revised Forecast Adjusted EBITDA
LISTEN TO THIS ARTICLE:Playtech, the online gaming software supplier, has used a trading statement to announce that the company is making steady progress compared with its own projections for the first quarter of 2023.
As a result of the good performance in Q1 from the B2B and B2C divisions of the company, senior leadership at Playtech now expect better Adjusted EBITDA figures than it first forecast.
The statement highlighted the B2B agreement with Caliente, which has enjoyed growth in Latin America and particularly Mexico, where the company is the market leader.
There was also a deal in Q1 with Hard Rock Digital where Playtech increased its footprint in the US with an $80 million investment in the operator for a small stake in the company.
Related: Playtech partners with Hard Rock Digital in $85M investment.
The Live Casino offering from Playtech is also flourishing with good growth in a growing market. The company has seen an increase in operator partnerships, and this has also seen a growth in revenue for the last quarter.
Snaitech has led the way for the B2C division in terms of revenue for Q1 in 2023 following its acquisition by Playtech. The report also mentioned that the football betting market had been buoyant following the completion of the World Cup.
I am delighted to report that our strong start to the year has continued, with growth across both the B2B and B2C divisions. Our strategy of focusing on regulated or soon-to-be regulated markets, combined with Snaitech's impressive performance in Italy, means we remain well-positioned to make further progress and capitalize on the significant growth opportunities ahead.
Future Growth and Prospect of Playtech
Playtech's steady progress in the first quarter, along with the successful partnerships and acquisitions, indicates a positive outlook for the company. With a strong market presence, a growing customer base, and a strategic focus on regulated markets, Playtech is poised to capitalize on future growth prospects and maintain its position as a leading player in the online gaming industry.
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