Playtech delivered steady growth across its core B2B business in 2025, increasing the value of its stake in Hard Rock Digital as part of its strategic shift from pure supplier to investor.
Playtech said its portfolio of strategic investments now exceeds €1 billion ($1.08 billion), with its Hard Rock position valued at €179 million ($193 million) and continuing to appreciate. Executives on the Thursday earnings call noted the stake has more than doubled since Playtech’s initial $85 million investment for a “low single-digit” ownership percentage in 2023.
The company reported €62 million ($67 million) in adjusted EBITDA from investment income in 2025, with Hard Rock Digital and Caliente contributing the bulk of that figure.
US drives growth, profitability timeline
Regulated B2B revenue rose 6% year-over-year, with revenue from the U.S. and Canada up more than 70% in constant currency. Growth was driven by deeper integration with major operators including DraftKings, FanDuel, and Hard Rock, particularly across live casino and Playtech’s PAM+ platform, the core software that runs an online betting or casino operation.
After years of investment, Playtech now expects its U.S. business to be profitable for the full year in 2026, ahead of prior guidance, with executives pointing to accelerating returns that began in late 2025.
“I now can say that we’ll be profitable for 2026 as a whole… and that would include on a cash basis as well,” CFO Chris McGinnis said.
Hard Rock remains central to that ramp. The operator has expanded beyond its Florida online sports betting monopoly, including a Michigan launch where it quickly reached a top-four market position, alongside continued product rollout tied to Playtech’s platform.
Playtech touts equity strategy shift
The Hard Rock stake underscores Playtech’s growing exposure to operator performance beyond its core B2B business, executives said.
Rather than relying solely on B2B revenue, Playtech has been able to increasingly capture upside through equity positions in operators, a model it expanded in 2025 through restructured agreements in markets across the U.S. and Latin America. The revised Caliente agreement follows the same approach as the Hard Rock deal, with Playtech now recognizing its 30.8% share of income directly in EBITDA rather than through service fees.
Together, Hard Rock and Caliente accounted for the majority of Playtech’s in investment income.
“A key part of our framework is partnering with local leaders ahead of regulation and participating in that future upside,” McGinnis said.
Playtech reported €197 million ($213 million) in adjusted EBITDA, about 20% ahead of expectations, and ended the year with €29 million ($31 million) in net cash following the Snaitech sale and shareholder returns.
