Playtech reported adjusted EBITDA of €162.5 million for the six months to 30 June 2026, up 77% from €91.6 million a year earlier, as group revenue rose 10% to €425.1 million and its US and Canada business moved into profit.
The adjusted EBITDA margin widened to 38.2% from 23.7%. Reported EBITDA came in at €86.8 million against €12.9 million in H1 2025, and the group posted a profit after tax of €98.1 million compared with a loss of €78.1 million. Adjusted diluted earnings per share reached 33.1 cents, against 5.4 cents.
“Playtech has delivered a first half significantly ahead of our expectations at the start of the year, demonstrating the strength of our technology, the quality of our customer partnerships and the disciplined execution of our strategy,” said chief executive Mor Weizer.
B2B carries the group
B2B revenue rose 14% to €394.8 million, with divisional adjusted EBITDA up 75% to €128.1 million and the margin at 32.4%, from 21.1%. Regulated B2B revenue reached €328.4 million, a 21% increase in constant currency, while unregulated revenue was broadly flat at €66.4 million against €65.3 million.
Software-as-a-service revenue grew 20% year on year and now accounts for 17% of B2B revenue. Playtech is one of the largest B2B gambling suppliers by revenue, and the half confirms how far the group’s earnings have shifted towards supplying other operators rather than running its own brands.
B2C revenue fell 22% to €32.0 million. The division reported adjusted EBITDA of €0.2 million, against a loss of €1.5 million in the same period last year.
US and Canada revenue nearly triples
Revenue from the US and Canada reached €56.9 million, up from €21.8 million, growth of 176% in constant currency. The region is now profitable, having been a drag on group earnings in previous periods.
Playtech is live in six iGaming states and four sports betting-only states, serving 15 operators with more than 50 brands running its content. New launches in the period included Fanatics across multiple states, FanDuel in West Virginia and bet365 in Michigan. Its iPoker platform went live with FanDuel in Michigan, New Jersey, Pennsylvania and Ontario. The company cites Eilers & Krejcik Gaming in describing itself as the largest third-party iGaming platform in the US.
Hard Rock Digital, in which Playtech took a minority stake for $85 million in 2023, was revalued at €246.7 million as of 30 June 2026, up from €178.8 million at the end of 2025. Playtech received €4.4 million in dividends from the business.
Latin America grows 29% as Mexico prepares for the World Cup
Latin American revenue rose to €99.9 million from €87.7 million, an increase of 29% in constant currency. Playtech’s 30.8% holding in Caliente Interactive contributed €30.1 million as its share of income, with net dividends of €35.6 million received in the half.
Caliente is the official sponsor of the Mexican national football team for the 2026 FIFA World Cup and sponsors several Liga MX clubs, spending Playtech expects to convert into customer acquisition in the second half. The company puts Mexican online GGR at €40 per adult against €59 in Brazil, and projects the market to almost double over five years.
On the live side, Playtech now runs around 480 tables across 20 studios, including dual-play venues. Revenue from regulated live markets grew 12% year on year. A São Paulo studio opened in December 2025, and an AI-driven live “Virtual Host” launched in July 2026.
UK revenue falls as remote gaming duty doubles
UK revenue dropped 8% to €59.0 million from €64.2 million. Remote gaming duty rose from 21% to 40% on 1 April 2026, and Playtech points to the effect on Sun Bingo, its largest UK-facing consumer contract. Europe excluding the UK was close to flat at €104.5 million against €102.0 million, and rest of world revenue rose to €8.1 million from €6.6 million.
The duty increase applies to online gaming rather than betting, with a separate remote betting rate due in 2027. It reshapes operator economics across the UK market, and suppliers on revenue-share deals carry part of that cost.
Costs down, cash up, no interim dividend
Total B2B operating costs fell 3% to €266.7 million from €274.3 million. Research and development spending was €58.6 million, down 5%, and general and administrative costs came in at €45.0 million, down 6%. The company says it has secured €20 million in annualised cost savings.
Free cash flow reached €101.0 million against €6.6 million a year earlier. Net cash fell to €39.2 million from €77.1 million, after more than €60 million of cash outflows tied to the Snaitech disposal. Playtech has a €300 million bond maturing in June 2028 and a €225 million undrawn revolving credit facility.
Playtech repurchased around 1.8% of its issued share capital for roughly €25 million during the half. Since September 2025 it has bought back 10% of issued share capital for about €100 million, with the shares transferred into an Employee Benefit Trust. No interim dividend was declared, following the €1.8 billion special dividend paid after the Snaitech sale in 2025. The group sits inside the top 50 iGaming companies by market cap.
Investment income contributed €34.2 million of adjusted EBITDA, up 73% from €19.8 million. Playtech also recognised a full provision of €28.9 million against a financial guarantee to NorthStar, following that company’s restructuring and a cease trade order.
Guidance points to a stronger second half
Playtech expects FY 2026 adjusted EBITDA of more than €270 million, with capital expenditure and capitalised development of €90 million to €95 million and an effective tax rate of 20% to 25%. That guidance sits inside the medium-term targets the company has set of €250 million to €300 million in adjusted EBITDA and €70 million to €100 million in free cash flow.
The second half brings the full-year weight of the UK duty rise, the World Cup marketing cycle in Mexico, and further US state launches. Investors will watch whether the 38.2% margin holds once acquisition spending in Latin America lands and whether investment income, which supplied roughly a fifth of adjusted EBITDA in the half, keeps growing at the same rate.
Source: Playtech
