Playtech chalks up a profitable 2021 due to significant North American growth

Prominent online casino games developer Playtech has reportedly announced that its net profit for the twelve months to the end of December increased by slightly over 25% year-on-year to top €317.1 million ($349.2 million).

According to a report from FinanceFeeds Limited, the London-listed innovator revealed that this success came as its aggregated revenues for the twelve-month period rose by 12% year-on-year to approximately €1.2 billion ($1.3 billion) with a 25% swell in associated adjusted earnings before lodi646 interest, tax, depreciation and amortization to roughly €317 million ($349 million).

Improving ingredients:

Playtech develops and distributes online casino software, games and services for over 170 licensees in some 30 jurisdictions around the globe and reportedly detailed that last year’s pleasing ps had come courtesy of its increasing presence in Latin America alongside growth from its business-to-business and Snaitech SpA arms. The enterprise established in 1999 has some 7,000 employees located at offices in 24 nations with its products purportedly covering every key iGaming vertical including sportsbetting, bingo and poker.

Jurisdictional jump:

The Isle of Man-based company reportedly moreover divulged that the rise in 2021 revenues had more than offset the hurdles it faced as a result of the ongoing coronavirus pandemic with receipts from its business-to-business activities having surged by 11% year-on-year to hit €554.3 million ($609.9 million). The firm purportedly went on to single out its Snaitech SpA enterprise after this subordinate saw its own takings from the embryonic North American sportsbetting and retail markets expand by 94% to €101.3 million ($111.5 million).

Growing groundwork:

Mor Weizer serves as the Chief Executive Officer for Playtech and he reportedly declared that his company’s financial results for 2021 ‘demonstrate the quality of our technology and the momentum across the group.’ The boss purportedly furthermore pronounced that his firm ‘laid the foundations’ last year for its business in the United States ‘to become one of its biggest growth drivers by doubling revenues in the region’ and launching into the live-dealer markets of Michigan and New Jersey via deals with Parx Interactive and Bet365 respectively.

More:  Bed Bugs Identified in Vegas Hotels as Big Events Loom

Optimistic observation:

Looking further ahead and Weizer reportedly told the Reuters news service that Playtech has started 2022 ‘strongly’ despite ongoing uncertainty in ‘the macro-economic picture’ and is currently trying to minimize the damage caused by the recent Russian invasion of Ukraine, where the pioneer employs over 700 people.

Reportedly read a statement from Weizer…

“Our strong performance is underpinned by our business-to-business activities, in particular the tremendous growth we have seen in the Americas. In business-to-consumer, the story is similar with Snaitech SpA continuing to outperform the market to achieve the position of the number-one brand across sportsbetting and retail in Italy.”