Americas results boost Playtech to raise FY26 guidance
Playtech has increased its full-year adjusted EBITDA forecast for 2026 to at least €270 million, in response to what it described as “excellent trading” for the first half of the year.
The new guidance is above current analyst estimates, which sit between €205 million (US$235 million)1 EUR = 1.1442 USD
2026-07-10Powered by CMG CurrenShift and €225 million, with a mean consensus of €219 million across seven analysts since the supplier’s FY25 results. Playtech excluded “outdated estimates” from two analysts.
The supplier said the first half of the year had delivered significantly ahead of market expectations, primarily driven by performance in the US, Mexico, Colombia and some European markets.
In a trading statement published 9 July, the supplier said performance had accelerated in the Americas through May and June, leading to an 1H26 adjusted EBITDA estimate of over €155 million.
“Performance in the US, driven by our partnership with Hard Rock Digital, has been exceptionally strong, and we are delighted to see returns on our investments over recent years accelerate and contribute significantly to profitability and cash flow,” Chief Executive Mor Weizer said.
“Playtech continues to further establish itself in regulated and regulating markets going into the second half of the year, and we are pleased with the progress towards our medium-term targets. We look forward to publishing our interim results in a few weeks.”
Looking ahead, the firm expects a slower 2H26 with adjusted EBITDA for the second half of the year likely to be lower than the first six months.
The potential slowdown is attributed to investment in the development of its new slots/sports hybrid based on past motor racing results. The firm said it had “benefited materially from being first to market with Hard Rock Digital” with the game, but that revenue with the operator would likely be lower in H2 2026 and into 2027.
Hard Rock Digital has become one of Playtech’s largest customers and is expected to remain so going forward, it said.
Playtech also highlighted its continued investment in Brazil, which is not forecast to begin contributing revenue until 2027. In addition, 2H26 will see the full impact of the UK’s increased Remote Gambling Duty, which came into force in April 2026.
The supplier will report its results for the six months ended 30 June on 10 September.
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The Backstory
Americas momentum changes the scale of expectations
Playtech’s higher 2026 profit guidance is the latest sign that its pivot toward regulated business-to-business markets is moving from strategy to earnings delivery. The company’s upgraded forecast, driven by the U.S., Mexico, Colombia and parts of Europe, follows several years in which management sought to reduce reliance on owned consumer-facing assets and concentrate capital on supplying technology, content and live casino products to operators.
The current upgrade is notable because it puts adjusted EBITDA expectations well above recent analyst consensus and because it comes despite management warning that the second half will be slower than the first. That combination suggests the first-half acceleration was strong enough to absorb known drags, including product investment, lower expected revenue from a first-to-market hybrid game with Hard Rock Digital and the impact of higher U.K. gambling taxes.
The Americas are central to that shift. In its 2024 results, Playtech said the region was already its biggest growth engine, with revenue rising 19%. Revenue in the U.S. and Canada more than doubled, albeit from a smaller base. The company’s earlier 2024 revenue update showed U.S. and Canada revenue climbing 126%, while Latin American partners such as Wplay and Caliplay continued to contribute meaningfully.
Hard Rock Digital becomes a proof point
Playtech’s relationship with Hard Rock Digital has become a defining test of whether the supplier can turn U.S. investment into scalable returns. The current guidance upgrade specifically cited exceptionally strong performance from the partnership, and Playtech said Hard Rock Digital had become one of its largest customers. That matters because U.S. igaming remains limited to a small group of states but offers higher long-term optionality if more jurisdictions legalize online casino.
The partnership has expanded beyond conventional casino content. In New Jersey, Hard Rock Digital and Playtech launched a customized live trivia product that sits between casino gaming, live entertainment and scheduled digital programming. The companies described the product as part of an effort to create more differentiated and social experiences on the Hard Rock Bet platform. The launch, covered in the report on Hard Rock Digital’s Playtech-powered live trivia experience, showed how Playtech is trying to move beyond supplying standard slots and table games.
That approach helps explain the emphasis on a new slots and sports hybrid based on past motor racing results. Playtech said it benefited materially from being first to market with Hard Rock Digital on the product, but also cautioned that revenue from the operator tied to the game would likely fall in the second half of 2026 and into 2027. The product has boosted near-term earnings but also highlights a recurring challenge for suppliers: innovation can create sharp revenue gains, but sustaining them requires a steady pipeline of new content and formats.
Latin America remains both engine and obstacle
Latin America has been another pillar of Playtech’s Americas expansion, but the region has carried more regulatory volatility than the U.S. In an update covering the first four months of 2025, the company pointed to headwinds from Brazil’s transition to a regulated gambling market and Colombia’s introduction of a value-added tax charge on gambling products. Even so, Playtech said it remained optimistic about long-term opportunities in the region.
The earlier trading update on Latin American regulatory headwinds also underscored the importance of Caliplay, Playtech’s venture with Mexican sportsbook company Caliente. The relationship had been strained by payment disputes, but a new strategic agreement that took effect at the end of March allowed Playtech to earn dividends on its 30.8% stake. That gave the company a clearer path to monetizing one of its most important Latin American exposures.
Brazil remains a longer-term bet rather than an immediate contributor. Playtech has continued investing there, but management has said it does not expect revenue from Brazil to begin contributing until 2027. That timeline is important for investors evaluating the current guidance raise. The 2026 uplift appears to be driven mainly by markets already producing returns, rather than by Brazil, which is still in a buildout phase. If Brazil develops as expected, it could add a second wave of growth after the current Hard Rock Digital-led acceleration moderates.
Snaitech sale sharpened the B2B story
The sale of Snaitech to Flutter Entertainment was one of the most important corporate actions behind Playtech’s repositioning. The Italian operator had been a major consumer-facing asset, but its disposal helped support management’s description of Playtech as a “pure play B2B” business. Flutter paid €2.3 billion for Snaitech, a near-threefold return on Playtech’s original investment, and Playtech said €1.8 billion of the proceeds would be returned to shareholders through a special dividend.
The transaction also improved the clarity of Playtech’s earnings profile. Its 2024 annual revenue report showed sales rising 4.9% to €1.79 billion, with core B2B performance supported by partnerships with Ocean Casino, Delaware North and MGM Resorts International. The MGM Live agreement, which streams live casino games from the floors of the MGM Grand and Bellagio, added another high-profile U.S. brand to Playtech’s roster.
For Playtech, the Snaitech exit reduced exposure to direct operating risk while providing capital flexibility. It also placed the company more squarely in competition with other technology and content suppliers that are racing to deepen operator relationships in regulated markets. The trade-off is that Playtech becomes more dependent on the growth, execution and promotional strategies of its operator clients. When those clients perform well, as Hard Rock Digital has, the upside can be significant. When regulation, taxes or customer-acquisition costs rise, suppliers can feel pressure indirectly through lower operator spending or slower launches.
Flutter deal links Playtech to a broader consolidation trend
Flutter’s acquisition of Snaitech also tied Playtech’s restructuring to a wider pattern of consolidation among global gambling groups. Flutter, owner of FanDuel, has been building scale across the U.S., Italy and other regulated markets. That scale has attracted analyst optimism even as operators face rising launch costs, sports-margin volatility and tax pressure.
In April, Jefferies analyst James Wheatcroft put a buy rating on Flutter and raised his 2027 revenue estimates. His note, summarized in coverage of Jefferies’ upbeat view on Flutter, pointed to signs of improvement at FanDuel and market-share advantages in the face of U.K. tax increases. The same forces matter for Playtech, even though it is no longer the owner of Snaitech. Large operators with strong balance sheets are more likely to invest in content, live casino studios and product differentiation, creating opportunities for suppliers with established technology.
The connection also shows why Playtech’s move away from direct operations did not mean stepping back from the industry’s largest players. Instead, it has positioned itself as an infrastructure partner to operators seeking to defend share in mature markets and capture growth in newer ones. That model can deliver higher-quality earnings if customer concentration is managed, but Hard Rock Digital’s growing importance also raises the stakes of execution in a small number of strategic relationships.
Guidance raise comes with execution risk
Playtech’s latest guidance increase reflects stronger-than-expected trading, but management has already flagged several limits on near-term momentum. The second half of 2026 is expected to be weaker than the first, investment in new products will weigh on results and the full impact of the U.K.’s higher Remote Gambling Duty will be felt after its April implementation. The company also expects some revenue tied to its first-to-market hybrid product with Hard Rock Digital to decline over time.
Those caveats do not undercut the broader strategic progress, but they define the next phase of the story. Playtech has shown that its Americas investments can generate material profit and cash flow. It has simplified the group through the Snaitech sale, strengthened its balance sheet and built relationships with operators that have significant growth ambitions. The next test is whether it can convert episodic product success and regional momentum into a more durable earnings base across the U.S., Latin America and Europe.
For investors, the stakes are straightforward. If Hard Rock Digital remains a large and growing customer, Caliplay continues to stabilize and Brazil begins contributing from 2027, Playtech’s medium-term targets may look increasingly conservative. If regulation, taxes or product cycles blunt growth, the company’s higher guidance could mark a near-term peak rather than a new baseline.
