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Playtech has reported excellent trading for the first four months of 2026, with continued outperformance in the Americas offsetting headwinds in parts of Europe, and announced that senior independent director Ian Penrose will leave the board after nearly nine years of service.
The update was published ahead of the company’s AGM on 20 May. It covers trading from 1 January to 30 April 2026. Playtech said the stronger-than-expected Americas performance first flagged at its capital markets update in February 2026 and confirmed at its full-year results in March has continued into the current period.
Americas and Live Drive Early 2026 Performance
Strength in the United States, Mexico and certain European markets underpinned trading in the opening four months. Playtech’s Live division also contributed, described by management as delivering a solid performance during the period.
US revenue doubled year-on-year in Playtech’s full-year 2025 results, with B2B casino and live gaming partnerships with DraftKings, bet365, Hard Rock Digital and FanDuel across New Jersey, Pennsylvania and Michigan driving the acceleration. Mexico’s performance is anchored by the Caliente Interactive partnership, reset in March 2025, which continues to deliver ahead of expectations.
Chief Executive Mor Weizer said the company’s US position is generating returns on years of investment.
“Returns on our investments over recent years continue to accelerate and contribute meaningfully to profitability.”
Weizer also flagged the upcoming FIFA World Cup as a material opportunity for Caliente’s market position in Mexico. He said the partnership with Caliente Interactive “continues to perform strongly” and called the tournament a “significant opportunity to further strengthen Caliente’s leadership position in the market.”
Playtech’s Americas segment delivered €209.9m in regional revenue in FY2025. US and Canada grew 61% to €48m from €29.8m the year before. Latin America grew 8% on an underlying basis, excluding the impact of the revised Caliente agreement.
In February, Playtech raised its full-year 2025 adjusted EBITDA guidance to at least €195m, ahead of analyst consensus of €177m at the time, driven by the same Americas outperformance now continuing into 2026.
Penrose to Depart After Nearly Nine Years on the Board
Ian Penrose, who has served as senior independent director since 2018, has notified the company of his intention to step down from the board. At the request of non-executive chairman John Gleasure, Penrose has agreed to remain as a non-executive director, senior independent director and chairman of the Audit and Risk Committee until after the publication of the group’s final results for the year ending 31 December 2026. The transition is expected in spring 2027.
His re-election resolution at the AGM has been withdrawn. The board confirmed this does not affect other resolutions or proxy votes already cast.
Gleasure expressed his thanks for Penrose’s contribution across what he described as a period of significant strategic change.
“Ian has brought deep global industry experience to Playtech, and has always shown total commitment and dedication during what will have been almost nine years of service to Playtech. We wish him all the best in his future endeavours.”
Penrose, former chief executive of Sportech, joined Playtech’s board in 2018. He oversaw several significant transitions, including the company’s divestment of SNAI Italia and its return to a pure B2B structure.
Analyst View and Share Price Reaction
Jefferies, which acts as corporate broker to Playtech, maintained a hold rating following the update with a price target of 405 pence. That implies approximately 12% upside from the prior trading-day close of 363.20 pence. The broker said full-year 2026 EBITDA consensus estimates, which have already risen 15% year-to-date, may edge higher on a low-single-digit basis as bottom-of-the-range estimates increase.
Consensus currently forecasts adjusted EBITDA of €217m for FY2026, up 10% year-on-year. Jefferies’ own estimate stands at €215m. Playtech shares rose 2.8% to 373.40 pence in London following the update.
The positive trading picture sits alongside ongoing sector headwinds. The UK’s Remote Gaming Duty rises to 40%, while Mexico has introduced a 50% IEPS gambling tax on operator income under its Fiscal Budget 2026 reforms. Management has not quantified the net impact of these measures on the current-year outlook. Weizer said Playtech’s growing presence in regulated markets, broad geographic footprint, scalable technology platform and deep partner relationships leave it well positioned to capture the market opportunity ahead.
Peel Hunt previously argued that Playtech’s share price undervalued its investment portfolio, a position the Americas-driven trading improvement may now bring closer to market scrutiny. Playtech’s medium-term targets remain unchanged: adjusted EBITDA of €250m to €300m, with projected free cash flow of €70m to €100m.
Source: Playtech
