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Playtech Posts 2019 Figures, Reveals Interesting Information
- March 31, 2020 By Riley Wilson -
The gambling technology giant Playtech ended 2019 with a net loss, despite excellent results made by its Snaitech business in Italy.
According to the figures posted by the online gambling provider, the company generated 23% more revenue in 2019, while at the same time recording an 11% rise in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).
More Revenue for the Gaming Giant
Translated into hard currency, that’s €1.51 billion in revenue generated during a twelve-month period that ended on December 31, 2019, and €383.1 million in adjusted EBITDA.
Due to discontinued operations and tax, the overall net loss for 2019 amounted to €19.6 million.
When it comes to growth, a 15% increase in sports and live casino offering was cited as the biggest factor behind the improved numbers. Hardware sales helped increase sports revenue by 56%, although gambling revenue went down by 2% to €553.9 million.
Playtech entered Swiss and Swedish markets in 2019, which additionally helped growth in B2B, but other important factors were an increase in the firm’s presence in the US, as well as the addition of 50 new brands to its Saas service.
Snaitech Showed Remarkable Performance
2019 was the first full year of contribution from the Italian gambling leader Snaitech, which was bought by Playtech back in mid-2018. According to available information, Snaitech saw its online stakes go up by 31% in last year.
B2C gambling revenue amounted to €900.5 million, which represents a 56% increase from 2018, thus making this segment the most successful one.
However, Playtech’s B2B and B2C division TradeTech saw its revenues go down by nearly a third to €67.9 million. “Challenging market conditions” were cited as the main reason behind this decline.
Commenting on the latest results, Alan Jackson, Chairman at Playtech said the progress made in 2019 would lay a foundation for the company’s future growth through new signings and debuts in new markets.
He pointed out the fantastic results made by Snaitech, especially those from the second half of the year.
Jackson also said the business would continue to deliver a quality revenue profile in the coming period, and added that relying on organizational strengths would enable a right adaptation to new condition in the market.