Playtech posted a 10% decline in group revenue to €763.6 million for the full year 2025, with adjusted EBITDA falling 9% to €197 million, as the supplier closed out what CEO Mor Weizer described as a “year of significant transition.” The results reflect a restructured business following the sale of Italian B2C division Snaitech and a revised commercial arrangement with Mexican partner Caliente Interactive, both completed in early 2025.
The group enters 2026 with two headline concerns: the future of its white-label Sun Bingo operation in the UK, and the delayed launch of a state bank-backed betting platform in Brazil that management believes could be one of the company’s biggest opportunities.
Sun Bingo Review Triggered by UK Tax Change
CFO Chris McGinnis told analysts on the FY2025 earnings call that Playtech has launched an operational review of Sun Bingo, its UK white-label bingo business operated in partnership with News UK. The trigger is the UK’s scheduled increase to remote gaming duty, which rises from 21% to 40% in April 2026, making the business unviable at its current scale.
Sun Bingo revenue was already under pressure before the RGD change. The business saw a 17% revenue decline in H1 2025 to €33.2 million, following enhanced regulatory requirements introduced in H2 2024. Full-year B2C revenue fell 20% year-on-year to €78.5 million, though the disposal of the German Happybet business accounts for a significant portion of that decline.
McGinnis said he believed there remained a long-term place for Sun Bingo within Playtech, noting the operation’s B2B characteristics despite its consumer-facing structure. Playtech replaced Gamesys as Sun Bingo’s supplier in 2015. No decision has been announced on the outcome of the review.
The RGD increase is creating structural pressure across multiple UK operators. For context, Playtech’s situation mirrors the wider market response to the UK’s confirmed 40% online casino duty and 25% sports betting rate, which Flutter estimated would cost it £540 million annually.
B2B Revenue Down on Caliente Transition
B2B revenue, now the core of the business following the Snaitech exit, declined 9% year-on-year to €688.3 million. B2B adjusted EBITDA fell 36% to €141.4 million. Playtech said both declines were anticipated, driven by the revised Caliente Interactive agreement which came into effect on 31 March 2025. Under the new structure, Playtech no longer receives the additional B2B services fee that was previously recognised in revenue and direct costs.
The group ended 2025 in a net cash position of €29 million, a significant shift from net debt of €142.8 million at the end of 2024. That improvement followed the €2.3 billion Snaitech sale, with approximately €1.8 billion returned to shareholders via a special dividend. Playtech also repurchased 8.3% of its issued share capital at an average price of £2.67 per share for a total of €77 million, and repaid the remaining €150 million of its €350 million bond ahead of its March 2026 maturity. A single €300 million bond maturing in June 2028 remains outstanding.
Americas Drives the Bullish Case
The Americas division was the standout performer. US revenue grew approximately 100% year-on-year, with Playtech citing strong progress across its live casino, casino, and PAM+ verticals, as well as continued momentum with Hard Rock Digital. The group expects the US business to be profitable on an adjusted EBITDA basis in 2026.
Mexico also contributed positively under the revised Caliente deal, and Playtech expects an additional boost from the 2026 FIFA World Cup, which is partly hosted in Mexico. The company plans continued capital investment across the Americas region through the year ahead.
Weizer was direct about the scale of the Brazil opportunity, specifically around Brazilian state-owned bank Caixa Econômica Federal, which selected Playtech as its platform partner in 2025. The planned launch was delayed in November following political opposition in Brazil’s Senate. With Brazilian general elections scheduled for October 2026, the outlook remains conditional on political developments.
“This is one of the largest banks in a country with 150 million adults; it has 140 million registered customers. The access to the market and popularity of the brand is unparalleled,” Weizer said, describing the Caixa contract as potentially “one of the most significant opportunities for Playtech for the coming years.”
Playtech noted the Brazil market will require additional capex investment in 2026. Brazil’s broader regulatory picture has been in flux since the market opened in early 2025, with the government’s SPA regulator now advancing supplier licensing frameworks as the market matures.
Guidance and Outlook
Playtech expects FY2026 adjusted EBITDA to come in ahead of current market consensus, citing Q4 2025 revenue momentum in the Americas as the primary driver. Medium-term targets remain unchanged at adjusted EBITDA of €250 million to €300 million and free cash flow of €70 million to €100 million.
The group flagged approximately €90 million in remaining liabilities related to the Snaitech sale, of which around €70 million is expected to be settled in 2026 and €20 million in 2027. Including those outflows implies a pro forma net debt position of around €60 million.
Two underperforming units are being wound down. The Happybet closure is nearing completion, and the IGS business has been classified as an asset held for sale. Weizer said the losses from underperforming businesses, which stood at around €20 million at the EBITDA level and €25 million at the cash flow level, have improved year-on-year following decisive action.
Peel Hunt revised its 2026 adjusted EBITDA forecast upward to €215 million following the February trading update, a 2% increase on prior estimates. The Playtech investment case now rests almost entirely on execution in the Americas and resolution of the Brazil political standoff.
Source: Playtech
