Playtech reported a decline in revenue and earnings for the year ended 31 December 2025, as structural changes and revised commercial agreements impacted performance — although growth in its iGaming markets across The Americas supported forward-looking expectations.
The iGaming supplier posted revenue of €763.6 million (£660m), down 10 percent year-on-year, alongside adjusted EBITDA of €197 million (£170.27m), a decrease of nine percent.
Reported EBITDA moved to a loss of -€5.7 million (-£4.92m), against profit of €127.2 million (£109.93m) in 2024.
And post-tax profit from continuing operations plunged 28 percent to €44.2 million (£38.2m), while diluted earnings-per-share crashed by 29 percent to 14.5 Euro Cents.
Performance within the iGaming business was influenced by a revised long-term agreement with Caliente Interactive, which, explained the company, “shifted part of Playtech’s revenue recognition into investment income”.
As a result, B2B revenue declined nine percent to €688.3 million (£594.96m), while adjusted EBITDA plumetted 36 percent to €141.4 million (£122.3m).
America To The Rescue
Yet The Americas, thankfully, came to Playtech’s fiscal rescue during FY25.
Driven by activity from their operator partners, among them DraftKings, FanDuel, Hard Rock Digital and Delaware North, Playtech’s revenue across the United States and Canada increased by an impressive 71 percent, aided by expansion into regulated West Virginia and Delaware in 2025.
Playtech is now operating in six regulated iGaming states in the U.S., most recently Connecticut earlier this year.
Latin America also contributed to growth, with Playtech’s regulated iGaming revenue in the region increasing eight percent — excluding the impact of the Caliente agreement. However, LatAm performance was partly offset by regulatory headwinds in markets including Colombia and Brazil, and the company’s long-term investment in live casino infrastructure and platform development.
iCasino remains a key focus area, with revenue increasing six percent, year-on-year, and total live tables expanding to approximately 500 across 17 studios.
SaaS revenues grew 48 percent, for example, reflecting continued demand for platform and software solutions across both established and emerging iGaming markets.
Snaitech Sale
And Playtech also expanded its safer gambling solution, Playtech Protect, now deployed across 28 brands in 17 jurisdictions.
The group also completed the sale of its Italian venture, Snaitech, for €2.3 billion (£1.98bn) to Flutter Entertainment in April 2025, generating over €800 million (£691.33m) in cash and enabling a €1.8 billion (£1.55bn) Special Dividend to shareholders.
Playtech ended 2025 with a net cash position of €28.5 million (£24.62m), compared to net debt of €142.8 million (£123.38m) at the end of 2024.
Despite ongoing regulatory and tax pressures in several jurisdictions, the group expects to deliver adjusted EBITDA for FY26 ahead of current market expectations — driven by continued momentum in the Americas and underlying growth across its iGaming operations.
“2025 was a year of significant transition for Playtech,” affirmed CEO Mor Weizer.
“We completed the sale of Snaitech and returned to our roots as a leading, global, predominantly pure-play B2B business.
“Against this backdrop, we delivered a performance well ahead of expectations earlier in the year, demonstrating the strength of our technology offering.
“The strong momentum we saw in 2025 has carried over into the start of 2026, particularly in the Americas.
“We remain confident in achieving our ambitious medium-term targets and see exciting opportunities for the Group across our markets.”
