Investment case

The gambling industry is undergoing a structural growth supercycle, driven by the rapid expansion of regulated and regulating markets, with the Americas leading the way.

Playtech is well-positioned to capitalise on this trend as the leading provider of B2B technology and content to over 200 operators across more than 50 regulated jurisdictions.

Playtech holds a portfolio of highly attractive equity stakes in leading operators across the world’s fastest-growing regulated gambling markets, particularly in the Americas, with a combined book value exceeding €1 billion.

As Playtech transitions back to a pure-play B2B model, management is focused on driving operational efficiency by addressing underperforming assets and maintaining disciplined cost control, while investing strategically in growth.

Playtech has set ambitious medium-term targets, aiming for €250–300 million in annual Adjusted EBITDA (up from €150 million in FY24) and €70–€100 million in annual Free Cash Flow. Management incentives are directly tied to achieving these goals, reinforcing alignment with shareholder value creation.

Following the €2.3 billion sale of Snaitech and the €1.8 billion distribution to shareholders, Playtech maintains a strong balance sheet, with net cash of €29 million as of 31 December 2025. This financial strength provides the Group with the flexibility to invest in growth, pursue strategic M&A and continue returning capital to shareholders.