Playing the Long Game, Playtech Beats Back Covid
Despite the deep impact of Covid-19 pandemic closures on its Snaitech Italian operations, Playtech, the world’s largest supplier of iGaming and sports betting software, is adamant that all is well in its gambling empire.
Bricks and mortar didn’t re-open for business in Italy until mid-June, much later than in other betting markets, but the hit has been more than offset by an otherwise strong performance in B2B online activity during the first financial half of this year and in line with “company expectations”, according to a Playtech statement.
Playtech, which registered a net income of €297.4 billion (£253.2bn/US$351.5bn) on revenue of just over one billion euros last year (around £851.5m/US$1.18bn), has declined to publish official H1 results at this time.
But–in a sure sign that the strategic decision has met with the approval of industry movers and fixers—its share price on the London Stock Exchange remains unruffled at around 380 per share, as of mid-day July 28.
Meantime, Playtech’s other big markets in Asia, Europe and Latin America remain “stable”, the Isle of Man-headquartered company asserts.
The USA remains a particular target growth market with Playtech planning further stateside expansion later this year, and into next, to compliment its tie-up with Greenwood Racing.
“Covid-19 continues to pose challenges, and the macroeconomic outlook remains uncertain with the possibility of further unexpected lockdowns, [but] given the strong H1 performance and the momentum within the business, the board is confident of the company’s prospects for the remainder of 2021 and beyond,” said Playtech in a press release.
Meantime, Playtech is pushing ahead with its plan to sell its Finalto financial trading division to a consortium headed by the Barinboim Group in a deal posited at US$210 million (£151.3m/US$177.7m).
Playtech’s board has said that the company will now publish its interim H1 results on September 23.