Playtech has initiated an operational review of its white label Sun Bingo business in the UK, as announced by CFO Chris McGinnis during the company’s FY2025 earnings call. McGinnis indicated that the business is unlikely to remain profitable with the upcoming 40% remote gaming duty set to take effect in the UK in April.
He expressed a belief in Sun Bingo's long-term viability within Playtech, acknowledging its more B2B characteristics even though it faces consumers directly. Playtech became the supplier for Sun Bingo in 2015, replacing Gamesys. The business, along with other B2C operations, faced challenges due to stricter regulatory requirements in the UK. This change was reflected in Playtech's Q2’25 earnings, which reported a 17% revenue decline and a decrease in adjusted EBITDA at that time.
In 2025, Playtech's B2C revenue fell 20% compared to the previous year, totaling €78.5 million. This decline largely stemmed from the divestiture of its German Happybet business. Despite these challenges, Playtech sees significant growth potential in Brazil and the wider Latin America region. Although the company faced some obstacles in 2025, including Colombia’s temporary VAT on bets and Brazil’s regulatory transition early in the year, it remains optimistic about future prospects.
CEO Mor Weizer highlighted the potential for a partnership with Brazil’s state-owned bank, Caixa Economica Federal, to launch its betting brand. Playtech won the tender to provide its platform in 2025, yet Caixa's planned launch was postponed in November amid political pressures. In October, Senator Damaras Alves criticized Caixa’s plans, labeling them as “contradictory, dangerous and profoundly irresponsible.”
With the upcoming general election in Brazil scheduled for October, there remains hope for Caixa’s betting ambitions. Weizer, discussing the contract, expressed cautious optimism, noting that the Caixa tender could represent one of Playtech's most significant opportunities in the coming years. He noted, “This is one of the largest banks in a country with 150 million adults; it has 140 million registered customers. The access to the market and popularity of the brand is unparalleled.”
Weizer believes that Caixa's betting product has the potential to be a standout in Brazil. Playtech executives further indicated that the Brazilian market would require additional capital expenditures in the following year. In 2025, Playtech reported strong performance in the Americas, driven by substantial contributions from the US, where revenues roughly doubled, and a revised agreement with Caliente in Mexico.
Looking ahead, Playtech anticipates a boost in the region in 2026, particularly due to the World Cup tournament, which will be co-hosted in Mexico where Caliente is based.
Overall, Playtech saw its group revenue decrease by 10% in 2025, totaling €763.6 million, with EBITDA down 9% to €197 million. B2B revenue also fell by 9% year-on-year to €688.3 million, while adjusted EBITDA saw a more significant decline of 36% to €141.4 million, which Playtech attributed to the impact of the new agreement with Caliente Interactive. However, the company expects to meet or exceed FY26 projections, despite ongoing tax challenges in multiple markets.
