{"id":252,"date":"2024-06-27T01:07:49","date_gmt":"2024-06-26T22:07:49","guid":{"rendered":"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/"},"modified":"2024-06-27T01:07:49","modified_gmt":"2024-06-26T22:07:49","slug":"playtech-reports-strong-2023-results-amidst-caliplay-dispute","status":"publish","type":"post","link":"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/","title":{"rendered":"Playtech Reports Strong 2023 Results Amidst Caliplay Dispute"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/6ndhQWPjbRw\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Playtechs fiscal year 2023 witnessed an increase in both earnings and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) compared to the previous year. CEO Mor Weizer commended the &#8220;strategic and operational&#8221; progress achieved across the company.<\/p>\n<p>Playtechs net earnings for the 2023 fiscal year reached \u20ac105.1 million, a reflection of the success of its strategic advancements.<\/p>\n<p>Playtechs revenue from ongoing operations rose by 6.6% to \u20ac1.71 billion (\u00a31.46 billion\/$1.85 billion). This growth was driven by expansions in both its business-to-business (B2B) and business-to-consumer (B2C) segments in 2023.<\/p>\n<p>Reflecting on the past year, Weizer emphasized the company&#8217;s expansion into the United States. He identified several key achievements from 2023, including the opening of a third land-based casino facility in Pennsylvania, bringing the total number of licenses to 11, with additional applications pending.<\/p>\n<p>In other areas, the B2C segment achieved revenue exceeding \u20ac1 billion for the first time. Here, Weizer highlighted Snaitech, stating that the brand remained well-positioned to capitalize on the under-penetration of the online market.<\/p>\n<p>&#8220;The foundation of this performance lies in our talented workforce across the globe,&#8221; said Weizer. &#8220;Despite significant disruptions this year due to geopolitical conflicts, they have continued to deliver for our customers, and we express our sincere appreciation to them all.&#8221;<\/p>\n<p>Caliplay Challenges<br \/>\nHowever, amidst the backdrop of revenue growth, there is also the ongoing legal dispute with Caliplay, which is centered in Mexico. <\/p>\n<p>This disagreement has been in progress for a while, with a significant development taking place in October 2023 when Caliplay initiated legal action to dissolve its partnership with Playtech.<\/p>\n<p>Caliplay is a joint venture between Playtech and Caliente, a Mexican operator. However, Caliplay is now seeking to terminate its legal association with Playtech. It has publicly declared this action because it claims it is impacting the operation of its regulated business in Mexico.<\/p>\n<p>Playtech responded to the dissolution request in November, announcing steps to settle the dispute. It also stated that Caliplay&#8217;s actions in the Mexican court proceedings breached contractual agreements under the strategic agreement established in 2014.<\/p>\n<p>Now, Playtech has filed further claims against Caliplay, involving unpaid charges. The disagreement includes a difference of opinion regarding the charges Caliplay should pay, primarily B2B license fees and additional B2B service charges.<\/p>\n<p>Playtech asserts that Caliplay has not paid B2B license fees due since August 2023, and additional B2B service charges due since July 2023. However, it acknowledges an outstanding sum of \u20ac86.5 million in revenue for the year and states that it is highly likely to recover the cash in full.<\/p>\n<p>Playtech has outlined its position, stating that it holds a \u20ac730.2 million acquisition call option (a derivative financial asset), representing 22% of Playtech&#8217;s total assets. However, this is dependent on the court&#8217;s decision, which could potentially invalidate Playtech&#8217;s acquisition call option. <\/p>\n<p>The group feels the choice is outmoded and first brought up its expiration in its six-month report for the period ending June 30, 2022, released on September 22, 2022. The group&#8217;s position remained unchanged as of December 31, 2022, and in 2023.<\/p>\n<p>However, despite the ongoing legal matter, Playtech still declared that it values Caliplay as a client. The case is set for trial in October.<\/p>\n<p>&#8220;Caliplay remains a very important client,&#8221; Playtech stated. &#8220;The firm is dedicated to continuing an open discussion with Caliplay to talk about future directions.&#8221;<\/p>\n<p>Business-to-Business Revenue Increased to \u20ac684.1 Million in 2023<br \/>\nInterestingly, Caliplay&#8217;s strong performance was mentioned several times when Playtech discussed its 2023 results.<\/p>\n<p>Starting with business-to-business, including the Caliplay partnership, revenue in this area increased by 8.2% to \u20ac684.1 million. Playtech stated that the Americas were the primary driver of growth, with revenue increasing by 46.4%.<\/p>\n<p>In Latin America, Playtech said Caliplay remains a major driver in Mexico. However, it also praised Wplay&#8217;s success in Colombia and Galerabet&#8217;s early performance in Brazil.<\/p>\n<p>Playtech also mentioned &#8220;significant&#8221; growth opportunities in the United States, with several operators launching in multiple states. In northern Canada, Playtech highlighted the &#8220;excellent&#8221; start to its expanded relationship with NorthStar in Canada.<\/p>\n<p>Record Business-to-Consumer Revenue<br \/>\nAs for business-to-consumer, revenue reached a record \u20ac1.04 billion, up 5.5% year-over-year. <\/p>\n<p>Playtech declared that its Italian venture, Snaitech, was a key factor in its expansion, with earnings rising by 5.2% to \u20ac94.7 billion. The firm stated that this was fueled by growth in both physical and digital operations, adding that the Snai brand maintained its position as the market leader.<\/p>\n<p>The firm also mentioned targeted purchases to expand Snaitech, particularly seeking additional operations in Italy. Furthermore, Playtech stated that it anticipates a substantial increase in online licensing fees, making it challenging for many smaller operators to turn a profit. The company added that this would create more opportunities for acquisitions.<\/p>\n<p>In other areas, Playtech mentioned the HappyBet brand, which continued to experience losses in 2023. However, part of this was related to historical legal settlement expenses, and losses are expected to decline in 2024.<\/p>\n<p>This section also included growth in Sun Bingo and other direct-to-consumer businesses. Playtech attributed this to more efficient marketing spending and improved customer retention due to an enhanced user experience.<\/p>\n<p>Earnings growth drove an increase in net profit to \u20ac105.1 million.<br \/>\nIn terms of expenses, Playtech&#8217;s overall costs were higher. The group&#8217;s primary expense was distribution costs before depreciation and amortization, which totaled \u20ac1.15 billion, an increase of 6.5%.<\/p>\n<p>Other notable costs included administrative expenses before depreciation and amortization, which remained at \u20ac146.7 million. Depreciation and amortization increased by 14.3% to \u20ac1.944 billion this year.<\/p>\n<p>Playtech also noted \u20ac89. <\/p>\n<p>Playtech experienced a \u20ac8 million reduction in value, impacting both physical and non-physical assets. Eyecon&#8217;s worth declined by \u20ac7.8 million due to fierce competition in the UK online market, while Quickspin&#8217;s value fell by \u20ac9.6 million due to a period of business restructuring. The sports B2B segment saw a substantial \u20ac72.2 million impairment, primarily attributed to the loss of two significant retail agreements.<\/p>\n<p>Eyecon&#8217;s value decreased from \u20ac17.5 million to \u20ac9.7 million, while Quickspin&#8217;s value dropped from \u20ac236.2 million to \u20ac164 million. Despite these difficulties, Quickspin has been integrated into the &#8220;ive&#8221; business unit and shows signs of improvement.<\/p>\n<p>Despite the rise in expenses, revenue growth resulted in a 146.7% increase in profit before taxes, reaching \u20ac235.8 million. After paying \u20ac130.7 million in income tax, net profit reached \u20ac105.1 million, a 158.9% increase.<\/p>\n<p>Playtech also included the impact of discontinued operations in 2022, which generated an additional \u20ac47 million in revenue. Even considering this, net profit still grew by 20.0%.<\/p>\n<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 increased by 7.1% to \u20ac423.3 million.<\/p>\n<p>Looking ahead, Playtech anticipates a strong 2024 with significant potential for growth in its B2B business across regulated markets, including the Americas, and its B2C business. <\/p>\n<p>As a result, the firm has established a goal of \u20ac200.0-250.0 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for B2B in the medium term, and \u20ac300.0-350.0 million for B2C.<\/p>\n<p>&#8220;In general, we are confident in our capacity to carry out our plan and continue to generate value for investors,&#8221; Weize stated.<\/p>\n<p>What do industry experts think?<br \/>\nNeil Shah, Head of Research at Edison Group, examined these outcomes and expressed his unbiased opinions.<\/p>\n<p>Shah believes these outcomes demonstrate substantial progress in strategy and operations. However, he also points out that difficulties persist, particularly with the ongoing disagreement with Caliplay.<\/p>\n<p>&#8220;Considering the group&#8217;s acknowledgment of \u20ac86.5 million outstanding in 2023 revenue, all eyes will be on Playtech in October when the case goes to court, which could result in a substantial revenue loss if Caliplay fails to meet its payment commitments,&#8221; Shah said.<\/p>\n<p>&#8220;Despite this, Playtech still has a strong financial position with a leverage ratio of 0.7x, driven by successful operations and strategic partnerships in the US. Sectorally, the company has seen robust growth, particularly in the Americas, with revenue increasing by 46%, while B2C continues to perform well, expanding by 5%, primarily driven by brands like Snaitech.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Playtechs fiscal year 2023 witnessed an increase in both earnings and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) compared to the previous year. CEO Mor Weizer commended the &#8220;strategic and operational&#8221; progress achieved across the company. Playtechs net earnings for the 2023 fiscal year reached \u20ac105.1 million, a reflection of the success of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Playtech Soars: Earnings &amp; EBITDA Up in 2023<\/title>\n<meta name=\"description\" content=\"Playtech\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Playtech Reports Strong 2023 Results Amidst Caliplay Dispute\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Playtech\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Explore the Future of Casino Entertainment | News &amp; Licensed Games\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T22:07:49+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/\",\"url\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/\",\"name\":\"Playtech Soars: Earnings & EBITDA Up in 2023\",\"isPartOf\":{\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-26T22:07:49+00:00\",\"dateModified\":\"2024-06-26T22:07:49+00:00\",\"author\":{\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Playtech\",\"breadcrumb\":{\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/2024\/06\/27\/playtech-reports-strong-2023-results-amidst-caliplay-dispute\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/slotsgarden100nodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Playtech Reports Strong 2023 Results Amidst Caliplay Dispute\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/slotsgarden100nodepositbonus.icu\/#website\",\"url\":\"https:\/\/slotsgarden100nodepositbonus.icu\/\",\"name\":\"Explore the Future of Casino Entertainment | News &amp; Licensed Games\",\"description\":\"Stay on top of the online gambling world with our fresh casino news, in-depth reviews, and expert articles. 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