Playtech believes its stronger-than-expected operations across the Americas can help to manage gambling tax increases in 2026.
CEO Mor Weizer noted the technology company is starting “to accelerate and flow through to profitability” and is optimistic for the year ahead after reporting a strong H2 2025 period driven by US and Mexico operations in the fourth quarter.
Further investments are in the works as well across the Americas, as the market’s H2 performance is expected to help generate a 2025 adjusted EBITDA of at least €195m. This figure is still subject to audit but is above the current analyst consensus (€150m to €187m – mean consensus of €177m).
It also includes the operating loss of HAPPYBET and the company’s share of income from associates, notably its 30.8% shareholding in Caliente Interactive, but it excludes the contribution from Snaitech for the period it was owned by Playtech in FY25.
Commenting on the financial period, Weizer said: “I’m delighted with the strong performance we saw at the end of 2025.
“We have been steadily investing across our business in the Americas for a number of years, and I’m particularly pleased with our recent progress in the US, as the benefits of our hard work start to accelerate and flow through to profitability.”
Outlook for 2026
Playtech said it would be “mindful of ongoing sector headwinds” throughout 2026, including tax increases scheduled in markets such as the UK, but the company believes it has “good momentum” for the year ahead thanks to its operational performance across the Americas.
As such, Playtech has projected medium-term targets of €250m to €300m adjusted EBITDA and €70m to €100m of free cash flow.
Weizer added: “We continue to invest selectively into the US and elsewhere in the Americas, where we see additional growth opportunities. While we remain mindful of wider sector headwinds, I am excited by the momentum we are building and the significant growth opportunity ahead.”
Playtech will also continue its defamation litigation case with Evolution, which claimed back in October that Playtech subsidiary Playtech Software Limited was accountable for commissioning the independent business intelligence firm Black Cube to investigate the provider’s activities in prohibited and sanctioned markets, as well as its supply to unlicensed operators in regulated markets.
At the time, Playtech stated that the suggestion that its subsidiary took part in a smear campaign is “wholly untrue and is designed to distract from serious questions about Evolution’s business practices”, adding that it stands by its decision to commission the report and that it welcomes a court examination.
Earlier this week, Evolution was tight-lipped about any updates on the litigation in its Q4 report to investors, but CEO Martin Carlesund said that the company is “looking forward to moving forward with the lawsuit”.