Playtech Thrives in 2019 Despite TradeTech Misgivings

Staff Writer Industry News, Playtech 83

Playtech has had a successful year. In 2019, the casino gaming developer had strong performances across its B2B and B2C business. However, the TradeTech subsidiary wasn’t that lucky.

The company suffered multiple challenges across its operations. Nevertheless, that did not stop Playtech from having a marvellous year full of positive results.

TradeTech Revenue Drop

The revenue for TradeTech plummeted in 2019. Compared to 2018, the revenue dropped 26.9%, as TradeTech reported €67.9m in profits. Furthermore, adjusted EBITDA fell by 73.5% to €7.8m (2018: €29.5).

As one of the main reasons for such devastating results, the company takes the violent market situation and intangible assets impairment of €90.1m. This led to a total loss of €19m for the entire Group.

However, the Chairman of Playtech Alan Jackson, is positive this will all change in 2020. The company has had a challenging year, but the team has prepared many changes for the firm in 2020. Everyone hopes that the company will bounce back from these setbacks as the new year unfolds.

Playtech Shining Brighter than Ever

Despite TradeTech setbacks, the Group thrived. The total revenue for the whole Group is up by 23% and is now €1.5bn (2018: €1.22). The adjusted EBITDA is up by 11%, from €345.1m in 2018 to previous year’s €383.1m.

Playtech’s core B2B gambling business had a good year of business. The company made strategic progress after entering new markets and new deals. However, the company did more than that – it strengthened the existing relations with old partners too. New product launches helped as well. Jackson commented on the growth as well.

“Playtech has taken steps to improve its corporate governance with two new non-executive directors appointed in 2019. I will, in due course, be announcing my successor as chairman who will lead the board during the next phase of Playtech’s exciting future.”

We are hoping that the future brings even more exciting content from one of the biggest casino developers in the industry.

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