Q&A: Playtech CEO on why he’s “not going anywhere” ahead of B2B-only shift

Playtech CEO Mor Weizer has seen his fair share of changes since taking on the top job at the business in May 2007.

And the latest strategic shift, with the London-listed company framing itself a “pure-play B2B business”, comes following the significant sale of Snaitech to Flutter Entertainment for €2.3bn. Plans are also in place to dispose of the HAPPYBET brand in Germany, while PokerStrategy.com is up for grabs as part of the transition to focus solely on its supplier relationships.

And while the group still holds some B2C interests, namely through its structured agreements in Mexico with Caliplay, Brazil with Galera and the US with Hard Rock Digital, it is readying itself to top the supplier domain. Continuing operations revenue was up 10% in full-year 2024 to €848m, while adjusted EBITDA rose 22% year on year (YoY) to €214.7m.

The Americas, driven by Latam, made up the lion’s share of the revenue segment, while Playtech also reported 8% YoY growth in the UK during the reporting period.

The growth in the retained business resulted in the group setting medium-term adjusted EBITDA targets of €250m to €300m, with free cash flow to sit between €70m and €100m.

Speaking to EGR following the earnings report release, Weizer and CFO Chris McGinnis reflected on the planned shift in the business and why senior management remain as committed as ever to the cause.

EGR: Revenue, adjusted EBITDA and post-tax profit all rose last year. What’s your reaction to the group’s performance over the reporting period?

Mor Weizer (MW): Obviously it has been a landmark year for Playtech, we completed the sale of Snaitech to Flutter, delivering significant value for shareholders and returning the business to its roots as a predominantly pure-play B2B business.

We struck a refined strategic agreement with Caliplay, our partner in Mexico, which brings greater certainty and will drive significant further growth in the future. We delivered a strong financial performance, with adjusted EBITDA and revenue both up.

EGR: Does the switch to being purely a B2B company fundamentally shift the investment case for Playtech now?

MW: I think we are going back to our roots. Obviously, Playtech is uniquely positioned in the industry. It is the only company that provides an end-to-end solution. Our business model is very diverse. We are very flexible. It’s very evident in 2024 with EBITDA growing by 22% [that] it serves as a strong base for future growth, and we expect to continue to grow.

I will also mention the progress we see in the US. We’ve only just started, and we believe that there is still a lot of growth for Playtech in various parts of the world, with a strong focus on the Americas, but not just the Americas, elsewhere in Europe and other geos.

We set ambitious new targets of €250m to €300m in adjusted EBITDA for our B2B business. I think that’s what people should expect for us in the coming years.

EGR: Staying with shareholders, the management bonus scheme for the Snaitech sale was approved, but not without opposition. How did you manage these concerns among some investors?

MW: The conversations were held by our chairman and not by us, given our position, but the majority of feedback was very supportive. It’s now up to us to deliver and our focus will be on that delivery and creating value for shareholders.

EGR: Looking at disposals away from Snaitech, could you give some extra colour on both HAPPYBET and PokerStrategy.com?

MW: We are looking into the alternatives for HAPPYBET. Obviously, HAPPYBET is a B2C business and following the sale of Snaitech we have decided to be a B2B player. Therefore, we are looking at all the different alternatives, but obviously it will be separated from the whole. The same goes for PokerStrategy.com.

We are in the process of identifying the non-core part of the business. We want to focus on what really matters for us and what is strategic for us. We have been very clear that HAPPYBET and PokerStrategy are not strategic and, accordingly, will be separated from the group. We are looking at the different alternatives for the benefit of the company and our shareholders.

EGR: Sun Bingo and the other B2C brands weren’t flagged for potential disposal in the report. Can you clarify the rationale there?

Chris McGinnis (CMG): As Mor said, we’re going to do a review of our assets in the months ahead. I see Sun Bingo as a little bit different to HAPPYBET in that while technically it is B2C, it’s a lot more B2B in nature.

It’s the white-label arrangement, which isn’t necessarily that different to some of the structured agreements we do, but those get classified as B2B. So, I think that was a little different.

Time will tell. We’re going to take a little bit of time to review how that fits into the future of Playtech.

EGR: Brian Mattingley is due to leave his position as chairman of the board this year. Is this a blow for the company and how are you prepared to handle the change?

CMG: I don’t think it’s a blow. We all love Brian. It’s a shame to see him go. I think he wanted to leave on a high. The big transactions that we did, Brian was very involved in those and I think he sees them as true successes, and it’s an opportunity for him to leave on a high.

And while it’s a shame to see him go, the board is doing a process to find a new chairman, and we’re confident whoever they choose will also be great for the next phase of Playtech’s future.

EGR: Mor, you’ve served as CEO for almost 20 years. Given the business is entering a new era, are there ever times when you think about taking a step back?

MW: I’ve only just begun. At the end of the day, I’m as passionate as ever and I’m not going anywhere. We are going back to our roots and we are laser-focused. We have set the new [EBITDA] targets and I will not rest until we deliver the first milestone and then beyond. I still see a huge opportunity within the company. That’s why I am still here and that’s why I’m still so passionate and excited about this business and its future.

EGR: How is the business shaping up so far in 2025 and what are the big things to look out for from Playtech this year?

MW: We have had a good start to the year and showing strong underlying growth trends, so we are looking forward to an exciting remainder of the year. Brazil just regulated. Peru just regulated. Even in France there was a proposal [that ultimately fell through], but we believe it’s moving in the right direction.

The industry is heading in the right direction, and I think as a pure B2B supplier, our customers will be able to benefit a lot. It’s really exciting for us.