Playtech believes it can offset any setbacks in 2026 caused by gambling tax increases with its operations across the Americas after a stronger-than-expected performance.
The technology company is optimistic for the year ahead after reporting a strong H2 2025 period driven by US and Mexico operations in the fourth quarter.
CEO Mor Weizer added that Playtech’s work is starting “to accelerate and flow through to profitability” and further investment is in the works as growth opportunities become present.
Mindful of headwinds
Playtech noted that its Americas performance in H2 is expected to generate an adjusted EBITDA for 2025 of at least €195m, which is still subject to audit but is above the current analyst consensus (€150m to €187m – mean consensus of €177m).
The adjusted EBITDA figure 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.
In 2026, Playtech is being “mindful of ongoing sector headwinds”, including the scheduled increase in taxes in markets such as the UK.
However, the company believes it has “good momentum” for the year ahead thanks to its operational performance across the Americas.
“I’m delighted with the strong performance we saw at the end of 2025,” noted Weizer.
“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.”
2026 and beyond
Regarding its outlook for 2026, 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 in the year ahead.
In October last year, the company claimed 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.
In response, Playtech stated at the time 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”.
