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Playtech H1: Exceptional Growth in Americas Drives Revenue, but Sun Bingo and UK Challenges Persist

By jili tutorial · September 12, 2026

Playtech H1: Exceptional Growth in Americas Drives Revenue, but Sun Bingo and UK Challenges Persist

Overview of H1 Performance

Playtech reported a 10% year-on-year revenue increase for the first half of the year, reaching €425.1 million. The growth was fueled by what the company described as “exceptional growth” in its B2B business, particularly in North America. Adjusted EBITDA surged 75% to €128.1 million, reflecting strong operational leverage in the face of rising investment. However, the B2C segment continued to contract, and the UK market remains a drag on overall performance.

North America: The Engine of B2B Growth

US and Canada: Triple-Digit Surge

Revenue from the US and Canada grew by 161% year-on-year (176% in constant currency) to €56.9 million. Two key drivers explain this explosive growth:

The company cautioned that this exceptional growth is likely to normalize in subsequent quarters, as initial launch euphoria and promotional activity taper off.

Latin America: World Cup Acquisition Boost

Latin American revenue climbed 29% to €100 million, driven by customer acquisition linked to the World Cup in Mexico and Colombia. According to Playtech, average audience in Mexico doubled compared to the 2022 FIFA World Cup, resulting in “excellent new customer acquisition” during the tournament. The region remains a key growth frontier, with operators leveraging football events to attract depositing players.

B2B Revenue Breakdown by Region

RegionH1 RevenueYoY Change
US & Canada€56.9M+161%
Latin America€100M+29%
Europe (ex-UK)–+2%
UK B2B€59M–8%
Total B2B€394.8M+14%

The UK B2B decline was attributed to “certain customer-specific changes and increased Remote Gaming Duty”. Remote Gaming Duty is a 21% tax on gross gaming revenue from remote gambling in Great Britain, which was raised from 15% in August 2023. This higher tax burden squeezes operator margins and reduces the amount they can spend on third-party platforms like Playtech. Additionally, customer-specific changes likely refer to some UK operators reducing their reliance on Playtech’s content or renegotiating fees.

Regulated vs. Unregulated: A Deliberate Balance

Overall regulated revenue accounted for 83% of B2B revenue, growing 21% year-on-year. Unregulated markets contributed the remaining 17%. Playtech CEO Mor Weizer addressed the company’s stance during the analyst call:

“Unregulated is not illegal. We will continue to support those markets that we believe over time will become regulated. Our investment is going into regulated markets, and yes over time we will likely consider pulling out of certain markets.”

This nuanced position highlights Playtech’s strategy: it does not immediately exit grey-market jurisdictions but maintains a presence where future regulation appears likely. The company prioritizes capital deployment into regulated environments, while keeping a foot in promising pre-regulated territories. The CEO noted that regulated revenues are now “more than 85%”, signaling a steady shift toward full compliance.

B2C Segment: The Sun Bingo Challenge

Revenue Decline and Strategic Review

Playtech’s B2C revenue fell 22% to €32 million, a segment now dominated by Sun Bingo, a white-label brand in the UK. The decline is a direct consequence of the company’s earlier divestiture of major B2C assets – Snaitech (Italy) and Happy Bet (Latin America) – which last year slashed the B2C business to a fraction of its former size.

Sun Bingo, however, faces headwinds of its own. In March, Playtech announced a review of the brand, citing the impact of the UK’s Remote Gaming Duty hike. The increased tax reduces profitability for low-margin bingo operations, making the future of Sun Bingo uncertain. The company is likely weighing options such as selling the brand, restructuring, or withdrawing from UK bingo entirely.

Strategic Investments and Profitability Outlook

Playtech is targeting high-growth verticals with focused capital spending. Live casino stands out as a priority, with the supplier expanding its studio capacity and game show offerings. Geographically, the Americas remain the core focal point. The company expects to reach profitability in the US this year, driven by the Hard Rock partnership and ongoing content improvements.

The supplier also continues to invest in its own game portfolio, including PMR-powered slots and live dealer innovations, to maintain competitive advantage in both North and Latin America.

Summary of Key Financial Metrics

Outlook

Playtech’s H1 results illustrate a tale of two businesses: a booming B2B operation riding the wave of North American expansion and Latin American football fever, versus a shrinking B2C legacy that is being reshaped by tax policy and strategic divestments. With profitability in the US on the horizon and continued investment in key verticals, the company is positioning itself for a more focused, regulated-led future. However, the normalization of North American growth and the unresolved status of Sun Bingo will be critical factors to watch in the second half of the year.

Author: Nicole Macedo (adapted from iGB)