Playtech H1 2026 Adjusted EBITDA Rises 77% to €162.5m on Regulated B2B Growth
TL;DR — Playtech posted a 77% rise in H1 2026 adjusted EBITDA to €162.5m, with B2B revenue up 14% and US/Canada revenue up 161%. Regulated markets reached 83% of B2B revenue. Full-year EBITDA is guided above €270m, though H2 is set to normalize lower.
SCCG Take — Margin expansion to 32% in B2B demonstrates leverage from regulated scale. H2 normalisation from event-driven revenue requires operators and suppliers to plan for quarterly volatility in Americas growth.
Playtech reported a 77% increase in adjusted EBITDA to €162.5m for the first half of 2026. Revenue from continuing operations rose 10% year-on-year to €425.1m. B2B operations drove the performance, with regulated markets delivering the bulk of gains.
B2B Momentum in the Americas and Regulated Jurisdictions
B2B revenue increased 14% to €394.8m, or 17% on an underlying basis. Adjusted B2B EBITDA rose 75% to €128.1m, expanding the margin from 21% to 32%. Regulated jurisdictions accounted for 83% of B2B revenue, up from 81% a year earlier, while underlying regulated B2B revenue grew 21%.
The US and Canada recorded a 161% revenue increase, led by the Hard Rock Digital relationship and the Games powered by Past Motor Racing product in Florida. Playtech expanded into Connecticut, reaching six regulated US iGaming states, and launched with Fanatics across multiple states, FanDuel in West Virginia and bet365 in Michigan. Underlying Latin American revenue increased 29%, led by Mexico and Colombia, where the Caliente business saw customer acquisition growth during the 2026 FIFA World Cup. A strategic partnership in Brazil is expected to be signed later in 2026.
European results were mixed. B2B revenue excluding the UK increased 2%, or 10% excluding one-off hardware sales from H1 2025. UK B2B revenue declined 8% due to customer changes and higher Remote Gaming Duty. Live casino revenue grew 8% across approximately 480 tables globally.
Full-Year Guidance and H2 Factors
Playtech expects full-year adjusted EBITDA of more than €270m. It maintained medium-term targets of €250m to €300m in adjusted EBITDA and €70m to €100m in free cash flow. The company ended June with a net cash position of €39.2m after generating €101.0m in free cash flow and completing €25m of share buybacks.
H2 adjusted EBITDA is expected to fall below the H1 level due to normalisation of Hard Rock Digital-related revenue, investment in Brazil and the full half-year impact of higher UK Remote Gaming Duty. Trading remained strong at the start of the second half, according to iGaming Future.
The first half was significantly ahead of expectations at the start of the year, demonstrating the strength of the company’s technology, the quality of its customer partnerships and the disciplined execution of its strategy.
Reporting: iGaming Future
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Playtech's regulated shift is delivering operating leverage at scale, but H2 normalization reminds us event-driven growth is lumpy.
At SCCG, we've watched Playtech execute a multi-year regulated pivot across 545 partnerships in every market. This H1 validates the thesis: regulated concentration drives margin expansion. But the H2 guide tells the real story — operators and suppliers betting on Americas growth need to model for volatility, not straight lines.
- B2B EBITDA margin expanded from 21% to 32% on regulated scale — 83% of B2B now regulated
- US/Canada revenue up 161% on Hard Rock Digital, new state launches (Connecticut, Fanatics, FanDuel, bet365)
- Full-year EBITDA guided above €270m, but H2 normalizes lower on event-driven revenue timing
SCCG angle: SCCG connects suppliers and operators navigating regulated market entry across the Americas. We've brokered platform, content, and compliance partnerships in every state Playtech just mentioned — and we help clients model the difference between event spikes and sustainable scale when evaluating B2B relationships.
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