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Playtech reported steady growth across its core B2B business in 2025, driven largely by a portfolio of strategic investments. The game developer is executing a significant shift in its business model, moving from a pure software-supply role to an investment-heavy strategy.
According to news by Legal Sports Report, the company’s investment portfolio currently exceeds $1.08 billion. Playtech reported $67 million in adjusted EBITDA from investment income in 2025.
Positions in Hard Rock and Caliente are the primary drivers behind these figures. Playtech’s stake in Hard Rock is currently valued at $193 million, more than double its initial $85 million investment in 2023. During a Thursday earnings call, executives said they expect the Hard Rock position to continue appreciating.
Partnerships with DraftKings, FanDuel, and Hard Rock
Executives noted that returns on US investments accelerated in late 2025 following several years of capital deployment. Investment revenue from the US and Canada increased by more than 70% in constant currency, while regulated B2B revenue saw a 6% year-over-year increase.
CFO Chris McGinnis said the company now expects its US business to turn a profit in 2026, ahead of previous projections.
“I now can say that we’ll be profitable for 2026 as a whole… and that would include on a cash basis as well,” McGinnis said.
The growth was further supported by Playtech’s integration with major online casino operators, including DraftKings, FanDuel, and Hard Rock. Hard Rock remains the pillar of the portfolio, especially as the operator expands beyond its sports betting monopoly in Florida.
Hard Rock has also gained significant traction in the Midwest, reaching a top-four market position in Michigan shortly after its launch. As Hard Rock expands, it continues to roll out Playtech’s games across its platforms.
From service fees to equity: Playtech’s new revenue DNA
Playtech no longer relies solely on B2B service fees. Through its shift toward equity, the developer now derives approximately 30.8% of its income directly from EBITDA.
The company reported $213 million in total adjusted EBITDA for the year, surpassing expectations by 20%. Playtech closed 2025 with $31 million in net cash following shareholder returns and the sale of Snaitech.
The company continued to refine this strategy throughout 2025 by restructuring agreements in US and Latin American markets. “A key part of our framework is partnering with local leaders ahead of regulation and participating in that future upside,” McGinnis said.
