Playtech has announced that it anticipates adjusted EBITDA of no less than €90 million for the first half of its 2025 financial year, according to a recent trading update. While this forecast reflects a sharp decline from the €243 million reported in the same period last year, the gaming technology supplier emphasized that the business has undergone substantial structural changes in that time, moving toward a more streamlined B2B-focused model.

The revised figure includes operational losses from the now-sold HappyBet but excludes earnings from Snaitech, another divested asset. Despite the expected year-over-year drop, the company stressed that performance has remained robust across its core B2B division and cited an unexpected uplift from associated operations—most notably, its Mexican partner Caliente Interactive.

Strategic Shift Solidifies B2B Focus

Playtech’s reduced EBITDA guidance aligns with its ongoing transition into a pure-play B2B enterprise. This strategic realignment gained momentum through the divestment of major consumer-facing assets. In April, Flutter Entertainment finalized its €2.3 billion acquisition of Snaitech, Playtech’s largest B2C holding. The Italian-facing business had been a major earnings contributor, but its sale represents a pivotal step in simplifying Playtech’s operating structure.

The company also closed the sale of its remaining B2C entity, HappyBet, to NetX Betting—a subsidiary of Pferdewetten AG—on May 28. Initiated just two months earlier, the sale finalized Playtech’s full exit from the B2C market, completing its shift toward a business-to-business model. Management believes this strategic reset will create more room to innovate technologically, build stronger customer relationships, and increase revenue from existing clients.

Chief executive Mor Weizer previously described the Snaitech sale as a “transformational” deal, underlining its role in unlocking shareholder value and sharpening the company’s focus.

Caliente Dividend Boosts Outlook

One of the key positive developments in the first half of the year came from Playtech’s associate in Mexico, Caliente Interactive. The company benefited from favourable sports betting results during Q2 and, for the first time under a new strategic agreement, issued a dividend payment to Playtech.

This milestone follows a restructuring of the joint venture with Caliente, which came into effect on March 31. The agreement not only ended a lingering dispute between the two entities but also redefined their commercial relationship. Playtech now holds a 30.8% equity stake in Caliente and will no longer receive B2B service fees, though it will benefit from dividend distributions going forward.

Playtech acknowledged that Caliente’s improved performance had a meaningful impact on H1 results and contributed to the raised outlook. The company previously received $140 million in unpaid fees as part of the agreement’s resolution and retains the option to increase its equity stake under specific conditions.

Global Expansion Plans Continue Despite Headwinds

Looking ahead to the second half of the year, Playtech affirmed its commitment to continued investment in promising international markets, particularly the United States and Brazil. Despite macroeconomic and regulatory challenges in Latin America—highlighted by Brazil’s transition to a regulated betting environment and Colombia’s temporary VAT levy—the company is pushing forward with its growth agenda.

In its earlier May update, Playtech had flagged these Latin American hurdles but expressed confidence in overcoming them. That optimism was reiterated in the latest update, where the board stated: “Given the exciting growth opportunities ahead, the board remains very confident in Playtech’s ability to execute on its strategy as a predominantly pure-play B2B business.”

The company’s US expansion has recently gained traction, with a launch in West Virginia in June marking its fourth regulated iGaming market entry in the country. In addition, Playtech has signed notable B2B agreements with major US operators including BetMGM, DraftKings, and Hard Rock Digital, further entrenching its position in the North American market.