The latest FY25 financials from Playtech Group have revealed that the company is behind B2B revenue at a time when it is shifting away from B2C operations.
Last year trading saw €688.3m generated in B2B revenue, down 9% from the €754.3m in 2024. Adjusted EBITDA went down by 36% to €141.4m when pitted against FY24’s comparatives of €222m, whilst post-tax profit stood at €44.2m – a 28% year-on-year drop from.
The primary driver for the impact on performance was the re-adjusted Caliente Interactive agreement at the end of 2024, which saw Playtech stop receiving additional B2B service fees in H1 2025, and instead start getting payment dividends as a 30.8% equity stake holder from H2 onwards.
Strategic regional priorities
Against the B2B revenue results, revenue from B2C operations came in at €78.5m (FY24: €97.8m), driven by the €2.3bn sale of Italian gambling giant Snaitech to Flutter Entertainment, and an additional B2C wind down in Germany with the sale of domestic brand HAPPYBET.
However, a big positive for Playtech in FY25 was its North American progress. Revenue across the US and Canada grew by a huge 71% year-on-year on a constant currency basis, from €29.8m to €48m.
The business said performance was driven by strong activity from customers such as DraftKings, FanDuel, Hard Rock Digital and Delaware North.
Live Casino has stuck out as a significant driver for Playtech’s US operations, the company confirmed, with the number of Live tables operated by the firm almost doubling YoY across its studios in New Jersey, Michigan and Pennsylvania.
Over to Latin America, the region was touted as a “core strategic priority” by company management, despite domestic revenue dropping by 27% to €162m as a direct result of the revised Caliente agreement and the VAT introduction in Colombia.
Regardless, Brazil becoming regulated at the start of last year has helped offset a more significant impact, with Latin America revenue actually up 8% YoY with Caliente out of the equation.
Colombia also remains a viable medium-term opportunity thanks to the local partnership Playtech has with Wplay, and the potential for the government to backtrack the 19% VAT on online gambling deposits to a 16% taxation of a player’s GGR.
Revenue from B2B operations in Europe grew 4% YoY to €207.4m, despite taxation headwinds. Poland, Spain, Greece, and France were highlighted as top-performing markets for Playtech throughout 2025.
UK revenue, which is calculated separately from Europe, was down 6% YoY, but retains a key priority value for the Isle of Man-based company.
The public Playtech Evolution AB dispute…
The business also provided an update on its ongoing case with Evolution AB, stating: “Evolution has not requested permission of the New Jersey Court to add any group entity to the proceedings and no claim has been served on Playtech plc or any of its subsidiaries.”
In October 2025, Stockholm-listed Evolution published an announcement saying that Playtech hired Black Cube, an Israeli private intelligence company which bills itself as specialising ‘in high stake disputes’. Playtech subsequently acknowledged that it had commissioned a private investigation into its competitor and said that it ‘stood by its decision’ to do so.
Evolution described the move as a ‘smear campaign’, saying that the investigation, which claims to have uncovered evidence of the business operating illegally in jurisdictions including China, Iran and Sudan between 2021-2023, was intended to damage its reputation and could cause ‘multi-billion-dollar’ harm.
Playtech, however, responded by saying: “Evolution continues to seek to avoid legitimate scrutiny rather than address longstanding questions about its conduct, including its decision to supply operators in illegal markets and to support unlicensed operators in regulated markets.”
… which has contributed to a share price plummet
The dispute did not sit well with the market, though, as Playtech shares dipped from 349.5p to 237.5p in the first five hours of trading on the day of the announcement.
Its share price has been on a generally downward trajectory over the last 12 months in general, dropping by over 50% during that period. The anomaly has been a positive trend since the turn of the year.
Even today, despite the positive sentiments from executives, huge progress in North America and an upgrade to its expectations, stock has dropped by 7.5% to £3.31. Its market cap still sits slightly over the £1bn mark.
Both incoming and ongoing tax headwinds, a current dispute with a rival as well as a drop in revenue may be some of the factors putting investors off putting their money into the heavily-discussed Isle of Man-headquartered business.
Playtech’s position as a London-listed company – a FTSE 250 one at that – is an unenviable one at such a time of change, and it will be hoping to progress as stated by executives to turn around a hefty drop in profit, revenue and share price.
