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Playtech adds new business during the pandemic

by [email protected]
Playtech adds new business during the pandemic

Playtech said it has added over 20 new brands so far in 2020 and is on track to surpass its annual target of 50 despite the ongoing crisis.

In April, adjusted underlying earnings (EBITDA) came in at €23mln, thanks to strong performance in the online business, in joint ventures and in financial division TradeTech.

Playtech, The gambling software provider has seen mixed trading in the business-to-business (B2B) segment, taking a hit from retail closures and the cancellation of sporting events, lifted by higher demand for online services.

Consumer-facing business (B2C) Snaitech is performing better than anticipated despite thanks to its low fixed costs and online presence, but it is unclear when retail locations in Italy, its main market, will be able to reopen.

Asian operations have been impacted by restrictions in China, Malaysia, and the Philippines, but were “more than offset” by a temporary contract with “the leading provider of Live Casino in the region”.

As of 30 April 2020, there were €600mln of available liquidity. Playtech received a further €14mln from the sale of Snaitech land in Italy and expects to receive the remaining €36mln in three months.

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