Playtech results show financial impact of global pandemic

Playtech has released its 2020 financial results, which clearly demonstrate how the supplier was affected by the Covid-19 pandemic.

Playtech enjoyed a comfortable start to 2020 but this was quickly disrupted by the pandemic. Most of the year, the company saw retail closures which resulted in a 25% drop in revenue. In 2019 it made €1,440.5m ($1.56bn) while in 2020 this fell to €1,078.5m.

Playtech’s B2B gambling saw an 11% drop, as Asia was impacted with government restrictions; the firms' B2C section suffered a 34% decline.

There are some positives that Playtech takes from last year; it insists the organisation had a strong and resilient performance in 2020 despite the shortcomings.

And some of the figures do suggest this; for example, the provider generated adjusted EBITDA of €310m and continued to have strong online performance.

Playtech also managed to expand its presence in the US and Latin America.

Playtech CEO, Mor Weizer, said: “The attitude and skill of our people, and the strength and diversification of our technology-led business model has enabled us to deliver a robust financial performance in spite of the challenging backdrop.

"Playtech also made significant strategic and operational progress by adding new brands, expanding existing relationships and entering new markets. We are particularly pleased with the excellent progress we have made in the US market, launching with bet365 and Entain in 2020”

As of 2021, Playtech has made a “good start” to 2021 in January and February, with B2B and B2C online businesses expected to continue performing strongly.

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