Playtech anticipates launching its operations in Brazil in early 2027, despite ongoing political uncertainties that have affected its collaboration with Caixa, the state-owned bank responsible for managing national betting operations. CEO Mor Weizer shared this timeline on Thursday, following a partnership formed in 2025 aimed at facilitating Caixa’s entry into the betting market.
Weizer previously identified the Caixa tender as a significant opportunity for the company in the forthcoming years. The timeline, however, has faced adjustments due to political pressure on Caixa, which has resulted in delays even after the bank paid the required BRL30 million ($5.9 million) license fee.
In April, Brazil’s President Luiz Inácio Lula da Silva influenced Caixa's decision to push back its market launch to 2027 or later. Weizer attributed the delay in the regulated market’s launch to the country’s upcoming general elections, without directly naming Caixa as a client.
"I’ll be very, very open and straightforward about it," Weizer stated during Playtech’s post-Q2 earnings call. He acknowledged concerns surrounding the election year, noting that gaming is a politically charged topic, with various politicians making references to gambling during the campaign period. "Given the sensitivity around that, we were kindly asked to collaborate with the government and with the prospective customer that we are in discussions with to wait until the elections."
Despite the setback, he reaffirmed, "Expectations remain the same to enter into an agreement and launch sometime at the beginning of next year."
Chris McGinnis, Playtech's CFO and Director, elaborated that the Brazil venture might enhance the company's medium-term outlook. He clarified that the opportunity had not been included in Playtech’s forecasts made after the full-year results were released in March.
“When we set the guidance, we were aware of the opportunity but it wasn’t specifically factored in,” McGinnis explained. "We will revisit the targets during the full-year results, and that will be a logical moment to incorporate Brazil more explicitly into any revised targets we might issue."
In other news, Playtech continues to face an ongoing litigation dispute with Evolution. Playtech had previously engaged Black Cube, an intelligence firm, to investigate Evolution’s practices, which led to allegations regarding its activities in prohibited markets. Evolution responded with a lawsuit against Black Cube, seeking to hold Playtech responsible in a related defamation case.
Weizer, when asked for insights on the ongoing litigation, declined to comment, emphasizing legal confidentiality: "It’s very interesting. But as I’m sure you can understand, we are not going to answer any questions on litigation. We can’t simply take questions on the legal situation."
On the financial front, Playtech reported a 10% increase in revenue in the first half of the year, reaching €425.1 million, bolstered by what the company termed "exceptional growth" in its B2B business across North America. Revenue from the United States and Canada soared 161% year-on-year to €56.9 million. Furthermore, the company’s adjusted EBITDA rose 77% to €162.5 million, with B2B contributing €128.1 million of that amount.
