Playtech lifted its forecast for 2026 adjusted EBITDA to more than €300 million after trading from July through October exceeded expectations, led by continued strength in the Americas. The outlook is above both the company’s medium-term target ceiling of €300 million and the €279 million average estimate previously compiled from seven analysts.
The company had said in its half-year results that it was on track for more than €270 million in adjusted EBITDA for the year ending Dec. 31. The new guidance exceeds the prior analyst range of €271 million to €285 million; two analysts whose forecasts had not been updated since the half-year results were excluded from the consensus.
Playtech credited its US partnership with Hard Rock Digital for a material contribution to profitability and cash flow. Its Past Motor Racing product, developed after an extended investment period, benefited from being first to market with Hard Rock Digital in the first half, and PMR revenue remained strong in the second half.
The Americas had already powered the first-half performance. US and Canada revenue rose 161% year on year, predominantly from Games using PMR with Hard Rock Bet in Florida, while Latin American revenue rose 29% on an underlying basis, driven by Mexico and Colombia. Playtech said the latter markets benefited from tailwinds following the Men’s FIFA World Cup.
Group revenue rose 10% to €425.1 million in the first half, while adjusted EBITDA increased 77% to €162.5 million. Free cash flow was €101 million and group net cash stood at €39.2 million at June 30. B2B revenue increased 14% to €394.8 million and B2B adjusted EBITDA rose 75% to €128.1 million.
The improved 2026 forecast does not remove pressures expected next year. Playtech expects the current Brazilian market shutdown to create a three-month earnings effect in 2026, which it says it can absorb. If the shutdown is not lifted, the earnings impact will be more significant in 2027.
Competition from other third-party PMR suppliers entering the US market is also expected to have a more material effect on Playtech’s share of customer spending in 2027. Analyst consensus for 2027 adjusted EBITDA is €266 million, below the company’s new 2026 guidance.
Playtech is also absorbing the full effect of the UK’s higher Remote Gaming Duty, which took effect in April. The UK government increased the rate from 21% to 40% as part of a gambling-duty package expected to raise more than £1 billion a year. Playtech expects a full year of the duty, alongside increased taxation in other European markets, to weigh on 2027 performance.
