Strong Start For UK-Firm Playtech Leads To Positive 2023 Outlook

A solid start to the year is being optimistic about beating a 2023 earnings target and that’s exactly where Playtech sits.

Playtech, a UK-based gambling technology company, partners with and invests in leading brands in regulated and newly regulated markets. The company provides its technology on a B2B basis to retail and online operators, land-based casino groups and state lotteries.

Playtech also directly owns and operates Snaitech, Italy’s leading retail and online sports betting company.

Playtech CEO is optimistic about 2023

In a press release, Playtech CEO Mor Weizer said:

“I am delighted to report that our strong start to the year has continued, with growth across both the B2B and B2C divisions. Our strategy of focusing on regulated or soon-to-be regulated markets, combined with Snaitech’s impressive performance in Italy, means we remain well-positioned to make further progress and capitalize on the significant growth opportunities ahead.”

Through the first four months of 2023, Playtech’s B2B division has performed well, driven by regulated markets.

Playtech also mentioned the acceleration of its US strategy with the Hard Rock Digital agreement it signed in March.

US online gambling market is key to Playtech’s strategic growth

As part of the agreement, Playtech has invested $85 million in exchange for a low single-digit minority equity ownership stake in Hard Rock.

On March 20, Hard Rock International CEO Jim Allen said the Playtech partnership would help Hard Rock expand its US online gambling operations beyond the US. Allen commented in a Playtech press release:

“This partnership will act as an accelerator to Hard Rock Digital’s planned strategic initiative to expand its online gaming offerings to international markets, becoming the first operator with a global omnichannel offering under a singular, irreplaceable brand.

This announcement only reinforces our commitment to lead innovation in the gaming industry and expand the ‘Hard Rock’ experience worldwide. We look forward to providing an authentic, digital experience for Hard Rock’s global fan base within a comprehensive, omnichannel offering.”

Playtech’s deal with Hard Rock is one of several new partnerships the company has made over the past year. Other partnerships include: