Playtech now expects adjusted EBITDA to exceed €300 million for the year ending December 31, 2026, after business in the Americas helped trading outperform expectations. The company announced the revised forecast on November 10 in an update covering July 1 to October 31.
The new guidance exceeds forecasts from seven analysts who updated their estimates after the half-year results. Their projections ranged from €271 million to €285 million, averaging €279 million. Playtech excluded two older estimates from that comparison.
American Operations Underpin Higher Forecast
Playtech’s US business continues to benefit from its relationship with Hard Rock Digital. Following an extended investment period, the partners brought a product based on Past Motor Racing results to market. Their early entry supported first-half performance, and the product continued generating strong revenue during the second half.
Chief executive Mor Weizer linked the US operation’s performance to a substantial contribution to group profitability and cash flow. In Latin America, activity following the Men’s FIFA World Cup supported business in Mexico and Colombia.
The latest upgrade follows a substantial improvement in Playtech’s first-half earnings. Management had previously warned that second-half adjusted EBITDA would fall below the first-half figure, even as it maintained its earlier full-year forecast.
First-Half Results Provide the Financial Context
Playtech’s first-half adjusted EBITDA rose 77% to €162.5 million, compared with €91.6 million a year earlier. Revenue from continuing operations increased 10% to €425.1 million.
Cash generation also improved. Free cash flow reached €101 million, up from €6.6 million, while net cash stood at €39.2 million at the end of June. Playtech’s B2B division generated €394.8 million in revenue, representing annual growth of 14%, and reduced costs by 3%.
The company recorded an 8% increase in live casino revenue during the half. Revenue from the US and Canada rose 161% to €56.9 million, with Past Motor Racing games through Hard Rock Bet in Florida contributing substantially.
Hard Rock Digital also paid Playtech €4.4 million in dividends, compared with €2.1 million in the corresponding period. These results covered the first full January-to-June reporting period following the Snaitech sale and changes to the Caliente Interactive agreement.
Tax Changes and New Rivals Weigh on 2027
Playtech expects additional competition from third-party game suppliers offering Past Motor Racing products to affect its share of customer spending more significantly in 2027. The company had already identified that competitive pressure before its latest update.
Brazil creates another uncertainty. Playtech expects to accommodate three months of disruption within its 2026 adjusted EBITDA outlook. A continuation of the country’s market shutdown would have a greater financial effect next year, extending the consequences of recent political and regulatory developments.
Higher taxation will also affect the comparison between the two years. The UK increased Remote Gaming Duty from 21% to 40% on April 1, 2026, meaning 2027 will include a full year at the higher rate. Playtech also identified tax increases elsewhere in Europe.
The company continues to pursue the upper end of its medium-term adjusted EBITDA target of €250 million to €300 million. Its corresponding free cash flow target ranges from €70 million to €100 million. Weizer said Playtech remains ‘confident in the underlying strength of the business’.
Analysts currently expect adjusted EBITDA of €266 million in 2027. Playtech has yet to issue its own forecast for that year or announce when it will do so.
Investors initially lifted Playtech shares following the update. The stock reached 385p during November 10 trading before closing at 364.8p, down 1% for the session. That closing price still represented a 28.7% increase from the end of 2025.
Source:
Trading Update, otp.tools.investis.com, November 10, 2026