Playtech expects 2026 adjusted EBITDA of more than €300 million after trading from 1 July to 31 October ran ahead of expectations, the London-listed supplier said in a trading update on 10 November. That puts the Playtech EBITDA outlook above analyst consensus and €30 million higher than the company’s July guidance.
The new outlook sits above the top of Playtech’s medium-term target range of €250 million to €300 million in adjusted EBITDA. The Americas drove the upgrade: the US through the Hard Rock Digital partnership, and Mexico and Colombia, where activity rose after the men’s FIFA World Cup. The same update flagged two pressures for 2027, rival suppliers in the US and Brazil’s betting ban.
In Mexico, Playtech holds 30.8% of Caliente Interactive, the operator that sponsored Mexico’s national team at the World Cup. Its share of Caliente’s income was €30.1 million in the first half, when Latin American revenue rose 29% in constant currency to €99.9 million. In Colombia, the 19% VAT on online gambling deposits introduced in February 2025 still weighs on Playtech’s licensing revenue, the company said in July.
Playtech’s US business held up in the second half
Playtech had guided investors to a weaker second half. In its trading update on 9 July, it said Hard Rock Digital revenue would settle at a “lower but more sustainable level” through the rest of 2026 and into 2027. The 10 November update says US revenues stayed strong in the second half, and that the partnership added materially to profit and cash flow.
The first half shows the scale of the change. Revenue from the US and Canada rose to €56.9 million in the six months to 30 June, from €21.8 million a year earlier, and the region moved into profit, according to Playtech’s H1 2026 results. Group adjusted EBITDA was €162.5 million in that half, so the new outlook implies more than €137.5 million from July to December.
At the end of June, Playtech was live in 6 US iGaming states and 4 sports betting-only states, with 15 operators using its products.
Hard Rock Digital: first to market, rivals in 2027
The US gain rests on a slot and sports hybrid built on Past Motor Racing (PMR) results, which Playtech brought to market with Hard Rock Digital in the first half of 2026. Playtech said it benefited from being first with the format, and Hard Rock Digital has become one of its largest customers. In July, Playtech said it was funding an extended development period for the PMR game.
Other suppliers are already bringing PMR products to the US market, Playtech said. It expects that competition to have a bigger effect on its share of customer spending in 2027 than in 2026.
Playtech also holds a minority stake in Hard Rock Digital. It valued the holding at €246.7 million on 30 June 2026, up from €178.8 million at the end of 2025, and received €4.4 million in dividends from the business in the first half.
Brazil: the ban’s cost moves into 2027
Playtech expects to absorb 3 months of lost adjusted EBITDA from Brazil within its 2026 result. It warned of a larger impact in 2027 if the market shutdown continues.
The shutdown follows Provisional Measure (MP) 1,394/2026, the September decree behind the Brazil betting ban. Four challenges to the MP are pending at the Supreme Federal Court (STF), and Justice Luiz Fux has suspended all lower-court cases against it until the court rules.
Brazil was already a delayed opportunity for Playtech. Its partnership with state-owned bank Caixa Econômica Federal, which planned to launch its own betting brand, had been pushed back to 2027 at the earliest, Playtech said in July.
Next steps
In Brazil, the MP lapses unless Congress converts it into law within 120 days of publication, and the government wants a vote by 20 December. The STF has not set a date to judge the 4 challenges. Playtech’s full-year 2026 results will be its first report to include both the Brazil shutdown and rival PMR products in the US.
Source: Playtech
