The CEO of Playtech, Mor Weizer, has criticized publicly listed rivals for conducting business in what he referred to as “black markets.” In a recent interview for the Evening Standard, Weizer expressed his frustration with highly valued companies that, despite seeing substantial revenue growth and soaring share prices, operate in countries where online gambling is illegal.

Playtech Stresses Commitment to Regulated Markets Amidst Rivals’ Unregulated Ventures

While Weizer did not name specific competitors, he highlighted that some of them have experienced astronomical growth while reducing their reliance on regulated markets. He emphasized Playtech’s commitment to growing in strictly regulated markets and voiced concern about rivals using funds generated from unregulated markets to penetrate regulated ones. He even mentioned that some operators are present in markets that are on the US sanctions list.

Playtech itself operates in some Asian and Latin American countries where online gambling is unregulated but not explicitly prohibited. However, the company has experienced a decline in revenue from these markets in the first half of the year as it shifts its focus towards countries with fully regulated betting environments.

Weizer emphasized that Playtech’s primary focus is on regulated markets, where they have achieved double-digit growth. He also pointed out that Playtech’s shares trade at a lower multiple than some of their rivals listed outside of London.

Despite concerns about Playtech’s valuation, Weizer commended London investors for their sophistication and understanding of the company’s strategy, particularly regarding its dedication to strictly regulated markets.

Playtech Achieves Impressive 8% Year-on-Year Revenue Surge in H1 2023

Playtech reported robust financial performance in the first half of 2023. The company revealed an 8% year-on-year increase in revenue, amounting to €859.6 million ($919.9 million) during the six-month period ending June 30, 2023. This impressive growth was attributed to the strong performance of Playtech’s B2B division, which includes Snaitech, HAPPYBET, and Sun Bingo, generating €334.5 million ($358 million) in revenues, a 7% uptick from the previous year.

In addition to their B2B success, Playtech experienced notable growth in the Americas, with revenues soaring by 43% to €99.7 million ($106.7 million), primarily driven by their expansion in Caliente and partnerships with multiple operators across various states in the United States.

Despite challenges in certain European markets, Playtech managed to achieve a 5% revenue increase to €96.6 million ($103.3 million) in Europe, excluding the UK. However, in the UK, revenue dropped by 2% to €62.9 million due to proactive affordability checks. Notably, the company’s B2C segment saw remarkable growth, with a 9% increase in revenue to €532 million ($569.5 million), supported by Snaitech’s strong performance in Italy and the pent-up demand following the FIFA World Cup.

Playtech’s CEO, Mor Weizer, expressed optimism about the company’s future, citing expansion plans in the United States, key partnerships, and their strategic agreement with Hard Rock Digital. Weizer also highlighted the resilience of Playtech’s balance sheet, low leverage, and strong cash generation, further bolstering confidence in the company’s prospects.

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Zeal Ventures, one of the biggest investors in the lottery space, has provided the British studio startup Circl Gaming with an investment. While the size of the investment wasn’t disclosed by the two companies, it marks the start of a friendly partnership between the two parties.

As announced, Zeal Ventures will leverage its market experience to provide its new ally with counsel on all the important aspects of the gaming markets. The investor will tip Circl Gaming on regulatory matters, business strategy, marketing and optimization.

Zeal trusts Circl Gaming’s vision for a social betting experience, as attested by Dirk Reiche, Zeal Ventures’ investment director, who lauded Circl as a true visionary. Reiche noted that the gaming industry is now moving faster than ever and has produced a number of innovators like Circl.

According to the director, it is important to nurture such companies and augment the gaming market. Because of that, he is looking forward to working with Circl and advising the company on how to improve and diversify the gaming and entertainment space.

Circl Is Happy to Have Zeal’s Backing

Circl Gaming’s chief technology officer, Mark Quinn, also commented on the partnership with Zeal Ventures, calling it “a huge step forward” toward his team’s ambition to become an international company.

Quinn emphasized that the founders of Circl are thrilled to join forces with Zeal, a company that has extensive experience in the lottery and gaming sectors. The CTO added that this expertise would be invaluable to his team as Circl continues to roll out new products.

The support they will bring is not just financial, it will help with every pillar of our business.

Mark Quinn, CTO, Circl Gaming

Circl develops socially-charged gaming experiences. According to its description, it offers a live-action sports game, for its customers and their mates. It allows English Premier League aficionados to test their predictive ability while challenging their friends.

Circl players can give predict the outcomes of micro-events during Premier League games. The best Circl players can win exciting cash prizes and prove that they are the most knowledgeable soccer fans to their friends.

At first, Circl was a game meant to be enjoyed by small circles of friends (thus its name). However, now Circl offers exciting multiplayer experiences where people can play against other sports fans in the United Kingdom.

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