Playtech sees 2020 ahead of expectations as lockdowns boost gaming

(Reuters) – software maker Playtech said on Tuesday it expects 2020 annual performance to be ahead of expectations, driven by its financial trading arm, and casino, poker, bingo and betting businesses.

Online betting has enjoyed a boost as COVID-19 restrictions encouraged locked-down customers to play more from home when casinos and betting shops are off limits.

Playtech, the world’s biggest supplier of technology for operators, expects adjusted core earnings to be at least 300 million euros ($364.77 million) for the year ended Dec. 31.

The Isle of Man-based company said its core B2B business, including casino, bingo and poker, performed very well in 2020 and its unit Snaitech had a strong performance online, with retail hit by measures and the cancellation of sports events.

Finalto, the financial trading arm, was “the standout performer” in the first half, benefitting significantly from increased market volatility and trading volumes, but had a challenging second half.

Playtech said it continues to be in talks about the possible sale of the unit as part of an asset review to simplify its business and sell non-core assets.

The company said it had completed the sale of YoYo Games for about $10 million, leading to the disposal of all its casual and social gaming assets.




(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber and Subhranshu Sahu)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *