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Playtech Reports Strong Fiscal Year 2023 Performance

Explore Playtech's robust performance in Fiscal Year 2023, marked by significant revenue and EBITDA growth, alongside expansion efforts in the US gambling industry. Discover key highlights, including strategic partnerships with leading US brands, advancements in gender equity, and notable developments shaping Playtech's trajectory in the competitive gaming landscape.
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Branimir Ivanov | Senior News Contributor

Updated: Apr 3, 2024

Playtech Reports Strong Fiscal Year 2023 Performance

 

Europe-based gaming software provider Playtech has disclosed its Fiscal Year 2023 results, showcasing a noteworthy surge in adjusted revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA). The company, known for its robust presence in the US gambling industry, reported a 7% increase in adjusted revenue and a 9% rise in adjusted EBITDA compared to the previous fiscal year.

 

The Key Points

  1. Financial Growth and Performance: Playtech's Fiscal Year 2023 results demonstrate a 7% increase in adjusted revenue and a 9% rise in adjusted EBITDA, underscoring the company's strong financial performance. Particularly noteworthy is the substantial surge in business-to-business (B2B) revenue in North America, with a remarkable 74% annual increase in the United States and Canada.
  2. Expansion and Partnerships in the US Market: Playtech has made significant strides in expanding its presence in the US gambling industry through strategic partnerships with major brands such as Hard Rock Digital and Rush Street Interactive. These collaborations have facilitated the company's penetration into key markets and verticals, positioning it as a leading player in the competitive landscape.
  3. Commitment to Gender Equity and Corporate Responsibility: In addition to its financial achievements, Playtech has demonstrated a commitment to gender equity, with notable progress in increasing female representation among its leadership team. The company's initiatives to advance gender diversity align with its broader corporate responsibility efforts, aiming to foster an inclusive and diverse workplace culture.

 

A significant factor contributing to Playtech's growth trajectory has been its strategic partnerships with prominent US-based brands, including Hard Rock Digital and Rush Street Interactive. These alliances have bolstered Playtech's foothold in the competitive US market, amplifying its offerings and reach across various gambling verticals.

The highlights from Playtech's FY 2023 financial report underscore a particularly robust performance in North America. Notably, the company witnessed a remarkable 74% annual surge in business-to-business (B2B) revenue in the United States and Canada. Moreover, its B2B revenue in Latin America also experienced a substantial uptick, soaring by 45%.

Playtech's ventures in the US market have been characterized by significant investments, strategic collaborations, and innovative initiatives. The company has forged partnerships with numerous brands, spanning slots, online poker, and live dealer games, positioning itself as a key player in the burgeoning online casino and sports betting landscape.

Chairman of the Playtech Board, Brian Mattingley, lauded the company's achievements in FY 2023, emphasizing its sustained strategic and operational progress. Mattingley attributed Playtech's success to its unwavering commitment to quality and innovation, which enabled the company to exceed expectations and deliver a robust financial performance despite prevailing challenges.

In addition to its financial milestones, Playtech has demonstrated a commitment to gender equity, with female representation among its leadership team increasing from 26% in 2022 to 30% in 2023. The company has set ambitious targets to further enhance female leadership representation, aiming to achieve 35% by 2025.

 

Celebrating another successful year, Playtech continues to lead in both B2B and B2C sectors. Despite challenges, our consistent quality allowed us to exceed expectations and deliver strong financial performance.

 

The Concluding Thoughts

Throughout FY 2023, Playtech garnered attention with a series of notable developments. From strategic partnerships and acquisitions to the launch of innovative gaming products, Playtech remained at the forefront of industry innovation and expansion. With its continued focus on growth and responsible gaming practices, Playtech is poised to navigate the evolving landscape of the global gambling industry with resilience and agility.

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