Largest online poker tournament on Playtech's iPoker network shatters records with impressive results
Playtech, one of the most recognizable gaming development studios and operator of the world's largest iPoker network, is planning a strategic expansion in the online sports betting sector. The company is partnering with sports betting provider SIS (Sports Information Services) to achieve this goal.
Recently, Playtech announced the results of the Mystery Bounty tournaments during the Elite Series Winter Edition 2024, held on its iPoker network from December 1, 2023, to January 16, 2024. The success of this event, which saw over 33,000 poker players participating in more than 800 tournaments, is a testament to Playtech's competence and the support of their valued partners. The Elite Series Winter Edition 2024 surpassed last year's event with a prize pool of around β¬10.0 million, exceeding the targeted β¬7.0 million. The Mystery Bounty tournaments contributed around β¬650,000 to the total earnings.
Following the success of the Elite Series Winter Edition 2024, Playtech is refocusing its efforts on its B2B business model. The company plans to increase investment, particularly in the US and Brazilian markets, during the second half of 2025. This strategic shift aims to leverage technological innovation and deepen relationships with its operator clients.
Playtech anticipates an adjusted EBITDA of at least β¬90 million for H1 2025, showing robust performance in its B2B division, helped by associate income from Caliente Interactive, a significant partner in Mexico. The company is also increasing investments in growth markets like the US and Brazil, reflecting confidence in expansion opportunities despite some regulatory and operational headwinds in Latin America.
In a move to reinforce its focus on B2B services, Playtech has fully exited the B2C market by selling consumer-facing businesses such as Snaitech and HappyBet. While Playtech no longer receives B2B service fees from Caliente Interactive under the revised agreement, dividends from its 30.8% stake contribute to Playtechβs revenue, showing diversified income streams supporting its sports betting tech business.
Playtech's vice president of interactive gaming, Marat Koss, commented on the success of the Elite Series Winter Edition 2024, stating, "We are thrilled with the outcome of the Elite Series Winter Edition 2024. It has been a fantastic event, and we are proud to have provided the platform for such a successful series."
In addition to the iPoker network, Playtech provides gaming software in other areas such as online casinos, online sports betting, live dealer games, online arcade games, online bingo, and scratch cards. The company operates in many European countries, including Portugal, and is listed on the London Stock Exchange. Playtech is now one of the world's largest providers of online gaming. German players can register with 14 providers from the Playtech iPoker network.
Playtech was awarded the Best Operator for Social Responsibility by the UK's GamCare in 2021, reflecting the company's commitment to responsible gaming practices. The iPoker network offers a wide range of poker variants and highly lucrative tournaments, making it a popular choice for poker enthusiasts worldwide. With its strategic focus on B2B expansion, Playtech is set to continue its growth as a leading online sports betting technology supplier.
What about Playtech's future plans in the online sports betting sector? Technology will play a crucial role in its expansion, as Playtech has partnered with SIS to enhance their sports betting offerings. In the meantime, Playtech's vice president of interactive gaming, Marat Koss, expressed interest in casino-and-gambling sectors beyond iPoker, stating that the company provides gaming software in various areas such as online casinos, sports betting, and more.
